What is Credit and Why is It Important? Everything you need to know!

One aspect of financial power is one's capacity to borrow money from other individuals. You are aided in acquiring the products you desire now, such as a vehicle loan or a credit card, in return for your promise to pay later. Now is the time to improve your credit score in order to boost your chances of being approved for loans in the future.

What is Credit?

There are several different types of credit available to you. Installment loans and revolving credit are two of the most common types of credit accessible to consumers today.

An Installment Loan is a lump sum amount of money that is supplied to you for a specified purpose and that is paid back over a period of time.

Common Examples of Installment Loans

• Student loans
• Auto loans

Revolving credit lines are credit lines that can be used again and again even after they have been paid off. You can use your credit card to make purchases as long as the amount on your account does not exceed your credit limit, which may change over time depending on your credit score. Among the several types of revolving credit accessible to customers today, credit cards are the most common.

Credit Cards

It is not all credit cards that function in the same way. When deciding on the finest credit card for you, make sure to consider all of the benefits and drawbacks of each card before making your decision.

Interest Rates

Interest is the cost of borrowing money, and it represents the expense of borrowing money. In most cases, lenders charge a percentage of your account's average daily balance as interest on the money you borrow. This proportion is referred to as an interest rate. It is determined as follows: This interest rate is applied to your outstanding debt on a monthly basis. Pay close attention to the tiny print on your credit card since different types of transactions, such as purchases and cash advances, may have variable interest rates on them.

Fees

There are costs associated with many credit cards, albeit not all credit cards charge the same fees. Make ensuring that you are aware of and understand all of the fees for which you will be responsible.

Credit Limit

It is the utmost amount of money you are permitted to borrow on your credit card that is referred to as your credit limit. You will be charged a fee, which is determined by the lending institution based on your credit history and income.

Credit Reports and FICO Scores are examples of credit origins.

When you ask for a loan, lenders will check your credit report to determine whether or not you are creditworthy of borrowing money. Consumer reporting companies around the country use your credit record to determine your credit score. Consumer reporting agencies in the United States are divided into three key categories: Equifax, TransUnion, and Experian.

What is a FICO Score?

It is necessary to consult credit records in order to compute a credit score. This credit scoring system developed by the Fair Isaac Company ranges from 300 (bad) to 850 (outstanding), with 300 being the worst possible score and 850 being the best possible score (high). You will be more likely to get approved for new credit or to receive a lower interest rate if your credit score is higher. 

When determining your FICO score, a range of factors from your credit history are taken into account. The fact that the major consumer credit reporting companies do not publish the methodology by which credit scores are computed means that no one is aware of the exact technique by which credit scores are calculated. 

You may see a difference in your credit score from one reporting agency to the next because the credit reporting agencies may have different information about your credit history.

Hard Inquiries vs. Soft Inquiries

The act of a potential creditor requesting information about your credit report and score is referred to as a hard inquiry, and it is recorded on your credit report. It is possible that an excessive number of them will give the impression to potential creditors that you are attempting to open more than one line of credit, causing them to reject your request for a loan altogether.

It's probable that you'll hear of "soft inquiries" throughout your investigation. They occur when your credit history is assessed when you are not seeking to open new credit lines, which is the situation for the vast majority of people. If you have made soft inquiries as opposed to hard inquiries, lenders will not take this into consideration when deciding whether or not to lend you money.

Examples of Soft Inquiries

• When you apply for a rental property, the landlord will do a credit check on you.
• Your personal credit report is being supplied to you in order to allow you to keep track of it.
• Your Superpower: Good Credit
• Credit scores have an impact on a wide range of facets of life.
• Determine whether a fresh loan application has been authorized or denied by a lender.
• You have the ability to influence the interest rates and fees associated with your loan.
• Companies will assess your qualifications before extending you an offer for new employment.
• Leasing agents will take your application into consideration when deciding whether or not to rent to you.
• Find out if you are eligible for student loans, which may include the majority of private loans.
• The insurance companies will conduct an inquiry into your background when you apply for many types of insurance, such as automobile or homeowners insurance.

Good Credit vs. Bad Credit

Maintaining a regular payment schedule and making on-time payments on all of your accounts until your debt is entirely paid off can help you to build and maintain good credit over the years. If you have a poor credit score, it means you have had problems fulfilling your financial responsibilities; you may not have paid the required minimum payments or you may have failed to make payments on time in the past.

Student Loans and Credit

Whether your student loan payments are paid on time or late, a copy of your student loan payments is sent to each of the three major national consumer reporting companies. Your loan servicer will begin reporting on your account as soon as the funds are disbursed.

In the meanwhile, as long as you are enrolled in school, your payment amount will be listed as zero dollars, and your account status will be either pays as agreed or current, indicating that your account is in satisfactory condition.

Your account status remains either paid as agreed or current throughout the time you are in your grace period, depending on your circumstances.

Making Payments

After you begin repaying your student loans, the number of your regular installments, which will be determined by your repayment plan, will remain on your credit report for seven years. If you pay your student loan payments on time each month, your student loan account will continue to display as pays as agreed or current as long as you continue to make regular payments on your student loan account.

Missed Payments

The amount of your student loan payments are recorded once every 30 days, regardless of whether they were made on time or late. Great Lakes cannot remove a late or missed payment from your credit history unless there are exceptional circumstances or it can be demonstrated that you were in school, on deferment, or in your grace period.

Default

It is possible that your loan could go overdue if you do not make sufficient payments on time. When this occurs, the account status changes to claim has been filed with the government, indicating that the account has been paid by a government claim and that the account now has a balance of 0 dollars in it. Failure to pay a loan on time lowers your FICO score and makes getting additional lines of credit in the future more difficult. 

As soon as this occurs, contact your loan servicer to learn about available alternatives for rehabilitating your loan and returning your account to good standing, which will put you back on track to improving your credit score.

9 Crucial Reasons to say NO to credit cards!

Your eye has been drawn to that television set you've been eyeing, that video game console you've been eyeing, or perhaps those shoes that would look great with your new jacket; in addition, she has had a difficult week and would like to go to a restaurant and party, so he decides to make an advance payment on his credit card. 

People’s tendency to engage in these practices is a classic manifestation of the simple and quick indebtedness that they have encountered. We will provide you with some plausible explanations for why all of these urges are not beneficial to your financial situation.

1. Taking out a loan to pay for your items does not demonstrate self-control!

Having little control over your spending and the lack of the ability to exert such control might lead to a lack of financial security in the future. When it comes to economics, the worst thing that can happen is to have an impulsive attitude toward purchasing. It can be tedious, but it will pay off in the long run with benefits such as the prospect of paying for your own home. Keep in mind that one of the most significant areas of your life is your financial well-being.

2. By using your credit card to make purchases, you may be extending your financial resources!

Don't have a budget to work with? I suppose I should begin with that. For many people, a budget is a tool that helps them keep their spending in check. To make things worse, it's all too easy to forget how much each item you wish to buy costs. Add it all up at the end of the month and check whether it was what you had planned and how much you could afford to spend.

3. The interest rates on credit cards are the most costly! 

The current consumer credit interest rate is 17.69 percent, while the current usury rate is 26.54 percent, according to the Federal Reserve. Interest rates for credit card payments are close to 26 percent, while interest rates for advances are close to the usury maximum. As a result, financing your goods becomes quite costly. If you bought a $1,000 at a 26 percent annual effective rate, you may be paying as much as $260 in interest each year on your investment.

It is crucial to notice at this point that interest rates are rising, and the ones that rise first are those associated with spending, and the balance of your debt will increase over time if you continue to follow your impulses.

4. Defaulting on a loan is quite costly

You will incur additional expenditures if you do not pay your credit card bill on time. If you do not pay your credit card bill on time, the bank will charge you interest at the rate of usury on the balance of your debt. 

You may believe that something like this would never happen to you and that you will be able to pay everything in one lump sum, but the unexpected or even losing your job might force you into this situation if you do not plan ahead of time and manage your finances properly.

5. It is essential that you maintain a good credit history

The lack of positive credit history might impair your ability to make major purchases, such as a home. If you do not pay your credit card bill on time, your credit score will suffer, and you will have fewer opportunities to obtain more items or interest rate benefits that you may otherwise be eligible for. 

If you are considered a high-risk customer by the bank, you may not be denied credit, but you may be charged a higher interest rate, which results in more expenditures and additional money.

6. Your relationships are jeopardized by poor financial practices!

One of the primary reasons for couples and families to separate is money. Due to the complexity of the situation and the need for planning, it is imperative that you create a budget with your family and stick to it. Avoid acting on impulses that divert you away from your genuine financial objectives.

7. Purchasing items with financing, results in increased spending!

Some people spend more money than others, either by purchasing more products or by purchasing items that are more expensive. When you pay for a credit card, it is simple since you only have to sign a piece of paper before you can have what you want. 

Furthermore, paying with cash gives the impression that money is being taken from your possession. Paying using cash will allow you to see exactly how much money you are spending and how much money you have left in your wallet.

8. The worst-case scenario, the practice of financing all of your purchases may result in bankruptcy!

If you decide to max out your credit cards without making a plan to pay them off, or if your plan goes awry for any reason, such as losing your job or experiencing a domestic tragedy, you will almost certainly find yourself in a state of debt from which it will be difficult to recover.

9. Being debt-free will provide you with peace of mind!

If you do not owe someone any money, you do not need to be concerned. Default interest, late penalties, and handling costs are all possible. They will not be a source of concern for you. The greatest time to indulge in something good is when your financial situation truly enables it.

The Bottom Line

Remember that just because you are not financing your purchase does not imply that you should not have a credit card or that you should never use one. Deferring your purchases for a price allows you to take advantage of all the benefits and incentives that the retailer has to offer, such as special discounts and agreement terms and conditions. Credit cards may be a very beneficial tool if they are utilized properly.

Why having a Credit Card is Important- All you need to know!

Many folks consider acquiring a credit card with their first paycheck. A credit card was formerly considered something exceptional; but, owing to the multiple benefits, credit cards have now become one of the most common forms of payment globally. 

You may learn about all of the benefits of a credit card, from additional services to financial freedom, right here. So, let’s dive into exactly why a credit card is important!

The credit card's field of application

When you consider the benefits, it's not surprising that the credit card has become one of the most common forms of payment. The credit card is an indispensable companion at home and when traveling due to the ease of managing "plastic money" and its widespread, international acceptance. 

In addition, you may pay with a credit card in restaurants, petrol stations, and drugstores.

1. Pay in retail

Credit cards are becoming increasingly popular among shops in the US as well as in Europe. Unlike cash, the earnings from a card are not in the hands of thieves. Large sums of money, which are attractive to thieves, are consequently avoided. Paying using a credit card is just as safe for customers. Instead of carrying a large amount of cash in your wallet and being concerned about pickpockets, a single card will suffice. 

These may be kept in a secure location and, if lost, can be blocked in a matter of minutes. If you pay with a credit card at the checkout, simply entering your PIN is sufficient to complete the transaction. Since the introduction of the contactless payment capability, using a credit card has gotten even easier. It is already compatible with the majority of credit cards. 

The sign of the four waves on the card indicates whether contactless payment is possible with a credit card. When paying, all you have to do is hold the card against the terminal, which significantly speeds up the payment procedure. This payment mechanism, however, is only available for amounts of up to 50 or 100 dollars (depending on the card).

2. Pay online

Credit card purchases are also available in online stores. Whether it's the newest shoes from Italy, the greatest wines from France, unique teas from England, a trip to your vacation location, or simply bedtime reading. You may use your credit card to make a payment over the Internet quickly and effortlessly. 

And, regardless of the national currency used to acquire the items, they are always billed in dollars. This payment technique is not without reason the most common sort of private payment transaction in the world.

3. Card use abroad

You may simply pay with a credit card not just on the Internet but even abroad. The major credit card companies, VISA, MasterCard, and American Express, are widely recognized as a form of payment in many nations throughout the world. This also makes foreign currency payments extremely easy.

Credit cardholders can also simply withdraw cash when traveling overseas. As a consequence, tourists do not need to worry about getting cash in the appropriate currency ahead of time. When cash is withdrawn, the conversion from dollars to foreign currencies occurs automatically on-site. It is critical to understand the terms of your own credit card. 

Some issuers even provide free credit card use overseas and do not charge fees for cash transactions in foreign currencies. Other credit cards might charge exorbitant fees when withdrawing cash overseas.

4. Increased credit card payment flexibility

The owner has the discretion to settle payments made if the credit card has a legitimate credit limit. Installment payments using a credit card can be agreed upon so that debits are made in monthly installments. The owner receives a loan from the bank during this time period. This, however, is only achievable with a revolving, "genuine" credit card. 

You only have to be cautious since the debit interest for installment payments might be rather significant. The charge, debit, and prepaid cards provide no actual credit to the consumer. A credit card with monthly debts, on the other hand, has the advantage of granting the cardholder a loan until the end of the month - if the card user pays with the credit card on the first of the month, he receives a loan from the bank for 30 days, because the money is only debited from his account at the end of the month. 

Charge cardholders are eligible for this sort of debit. This is the most commonly published and is especially popular in Germany.

5. Credit cards are safe

Many people are concerned that if their credit card is taken, it will be used inappropriately and criminals will have unfettered access to their accounts. Customers can stop the card within minutes if it is lost or stolen, therefore this danger is quite minimal. One phone call is all it takes to block access to the card's bank or credit card account. 

Transactions done by unauthorized persons are frequently paid by the credit card provider. This implies the credit card company is responsible for the damage. If this is completed in a fair length of time, the cardholder will be completely relieved. Since the introduction of credit card applications, it has been even easier to keep track of transactions and account balances. 

You can occasionally pay straight with your smartphone in this manner. So, you don't have to be concerned about losing your card. It is doubly safeguarded, and owing to modern technology, credit card payment is becoming increasingly secure and convenient.

6. Various credit card models - one for everyone!

The variety of credit cards available on the market is as diverse as the people themselves. There are numerous credit cards for different uses in order to ensure that everyone has a credit card and consequently the benefits of financial freedom. The type of debit card, added services, prices, and card status all differ.

A genuine credit card with flexible payback terms may only be obtained if you have a solid credit rating. This implies that the credit rating must be positive, with no negative entries, such as those caused by late payment. However, there is also the possibility for people with less good credit to use the basic advantages of a credit card.

Professionally Repair Your Credit with Advance Credit Repair

As long as you understand that there is no magic in the process and that some items might not be able to come off your report, then you can order this gig.

We can help with:

• Inquires
• Charge Offs
• Collections
• Bankruptcies
• Late Payments
• Public Records
• Student Loans 
• Foreclosures
• Medical Bills

With any of these gigs, you will get a team of professionals that will relentlessly fight against the credit bureaus and creditors to get results. We send up to 20 dispute letters per round. Because we are located in Miami, Florida, we always mail the disputes ourselves. We don't use any third-party mailers like LetterStream, etc.

What is Bank Credit- Each and Every Aspect that you need to Know!

If you are thinking about applying for a bank loan, there are a number of elements or considerations that may affect your choice to proceed. Throughout this article, we will discuss what a bank loan is, what types of credit are available, and what the standard requirements are for applying for one.

It's important to remember that the terms, interest rates, and guarantees required will differ from one banking institution to the next, so shop around.

What is bank credit?

Bank loans are financial transactions that occur between a credit institution and a customer that is financed by the credit institution. When a customer requests a transfer of funds, the credit institution transfers a certain amount of money to the other party's bank account, which is then verified by the client. While the customer is responsible for repaying the amount of money put in as well as any interest that has been granted, the bank assumes no liability for this.

What are the many types of bank loans available?

Consumer loans, business loans, and mortgage loans are the three types of bank loans that are most important and in demand, and we will go over each of them in further detail further down the page.

In the financial industry, consumer loans are loans granted to natural or legal persons for the purpose of acquiring items or making payments for services. Expenses for the house and family will account for the large majority of the income, with the remainder going for travel and other unplanned expenses. There is often an understanding that they will be paid in the short or medium future.

Among other things, a loan granted by a credit institution to businesses of all sizes in order to meet their working capital requirements, pay for services related to the operation of the business, acquire machinery or other assets, and make payments to suppliers is referred to as "commercial credit." The company is required to provide the credit institution with information about its operations, including income and expense, flows, as well as payment guarantees and other documents, among other things. 

The majority of the time, a short- or medium-term payment plan is employed to support them. There are several notable differences between business loans and consumer loans, one of which is the degree of payment flexibility, which allows you to prolong the time between installments and use funds for the firm's own operations as needed.

Mortgage Credits: It is a loan that is issued for the purpose of purchasing real estate or land, or, if true, for the building or renovation of dwellings, offices, and other types of real estate. Most of the time, this type of financing is offered in exchange for a mortgage guarantee on the property that is being acquired or built. The majority of the time, the financing period is either medium or long-term in nature.

What are the fundamental requirements for submitting a loan application to a financial institution?

In addition to the varieties of bank loans described above, each type has its own set of standards that must be met in order for you to be considered for one of these loans. To make things easier for you, we've put together a list of the documents and basic requirements that you'll need to submit an application for a bank loan.

Photocopy of ID. 

The original labor certificate, as well as salary payment stubs for at least the past two months, must be included with the application. In the event that it is necessary, please provide to the Pensions Department the most recent two proofs of pension payment.

• It is necessary to present both the current year's income certificate as well as the income from the prior year.
• A photocopy of the revenue statement from the previous year is necessary.
• Photocopies of your bank statements from the previous three months are also required.

You need to show an income certificate provided by a certified public accountant is required in the case that income was not disclosed. Please attach a copy of the accountant's professional identity card on both sides of the envelope.

The firm must be independently owned and operated, and it must have a current registration with the Chamber of Commerce that was issued no more than 30 days before the date of the application.

In conclusion, credit institutions offer a range of bank loans, each of which is tailored to the purpose for which the money is being borrowed. Make sure you take the time to carefully explore all of your options before deciding on the type of credit that will best match your requirements.

What precisely are the contrasts between a loan and a credit card?

Financing instruments such as a loan and credit are two distinct sorts of instruments. However, while both are financial instruments that provide monies to the applicant, there are substantial differences in their definitions and objectives between the two. 

Instead of providing the client with the entire amount of money requested all at once when the loan is granted, the bank makes an amount of money available to the client, who can use it according to their needs, disbursing the entire amount borrowed, a portion of the amount borrowed, or nothing at all.

Differences between loan and credit

A loan is a financial product that provides borrowers with access to a certain amount of money at the commencement of a transaction in return for the repayment of that sum plus the agreed-upon interest within a predetermined time period. For the purpose of paying back the loan in full, a monthly payment plan is implemented. In terms of financial loans, some of the most significant characteristics to look for are as follows:

The operation has a set life duration that has been calculated in advance of the procedure.

It is declared a failure of the firm when all of the capital has been amortized via the payment of installments (monthly, quarterly, semi-annual...) is completed and there is no longer any hope of receiving more money until a new loan is established.

• Interest is charged on the amount of money that has been borrowed in the form of a loan.
• Loans are frequently made for a longer length of time, such as several years or more.

In comparison to other forms of finance, a loan is more flexible in that it allows you to access the amount of money you require when you require it, depending on your individual circumstances at the moment. In essence, the credit establishes a maximum amount of money within which the client may sell some or all of his or her assets, depending on the circumstances.

Which Credit Card should you Buy- All you need to know!

A credit card is a type of bank card that may be used in conjunction with a checking account or used independently of the account. This card may be used to withdraw cash from ATMs and to make payments at the checkout or online. When withdrawing money from the ATM, you'll need the card's PIN, and when paying at the cash register, you'll need either the card's PIN or your signature. 

Payment can be done totally without the need for a pin or a signature for lower amounts. The credit card number, expiration date, and card verification number are required when making a payment for online order. The card number and expiration date are normally found on the front of the card, while the security code is usually found on the reverse. 

While this is being worked out, many service providers are printing the card number on the back of the card in the interim. Only share this information with businesses that you know and trust. So, let’s find out in-depth about which credit card should you really use!

What are the different sorts of credit cards?

The way a credit card works are determined by the type of debit card used. Prepaid, debit, charge, and revolving credit cards are the four alternatives available. The logos of Mastercard and Visa frequently appear on prepaid and debit cards, which are not credit cards in the traditional sense but appear to be so to many customers.

In the case of debit cards, the money is deducted from the associated checking account promptly and automatically. As a result, they are comparable to the Girocard (formerly: EC card). Paying using Visa and Mastercard debit cards is feasible over the internet; however, this is not yet available with the majority of Girocards.

The amount that you may spend with a prepaid credit card is limited to the amount that you have already placed into the account, for example, through a bank transfer. This approach is particularly suited to the needs of young people and those with a negative credit bureau rating, as these groups are frequently denied access to a traditional credit card.

There may be issues with using debit and prepaid cards to make reservations for hotels or car rentals, which is important to know before you go. It is possible that some cards will not be accepted when paying on-site, even if you were not advised of this while making your reservation online.

Which credit card provider is the most reliable and trustworthy?

Your bank, as well as credit cards firms such as Mastercard and Visa, are responsible for the credit cards issued to you. In addition to providing the infrastructure for payment transactions, they also set standards of behavior for banks and businesses. As a general rule, they have nothing to do with those who use credit cards. Because if you have difficulties with your card, you must always contact your financial institution. 

The fees for the card are established by the bank that issued the card, not by the credit card company. Because both Mastercard and Visa are recognized internationally, there is minimal distinction between the two cards for consumers. Although it is rare, it is possible that one of the brands is preferred above the others in different nations. If you want to go overseas frequently, figure out what the rules are ahead of time.

Companies like as American Express (Amex) and Diners Club operate under a distinct set of rules. You are in charge of setting your own rates and serving as your own point of contact in the event of a problem. It is important to note that these cards are not as widely accepted in stores and restaurants as Mastercard and Visa. This is largely due to the fact that they are frequently more expensive for merchants.

When exactly do you obtain a credit card?

When you apply for a credit card, the banks do a financial analysis of your situation. They are primarily concerned with your creditworthiness, which is to say, how well you manage your finances. It can also influence whether or not money is deposited into your account on a regular basis. In this way, they hope to assure you that you will be able to pay off your credit card debt. In many circumstances, age is also a factor to consider. 

As a general rule, banks only give credit cards to consumers who are of the legal drinking age. This is due to the fact that children are not permitted to incur debt. However, if you are under the age of majority or have credit issues, you should not be discouraged if you require a credit card for online shopping or international travel.

As a result, banks provide prepaid and debit cards in their programs that are targeted at teenagers or those with low credit histories: prepaid and debit cards. If you pay with your credit card, you may incur charges at various stages.

• Fee for cash withdrawals - If you withdraw cash from an ATM or from a bank counter in the US or abroad, you may be charged a fee.
• Whenever you pay or withdraw money in a currency other than the euro, you may be subject to a foreign currency transaction fee. It is often computed as a percentage of the total amount owed to the creditor. There may also be an (extra) exchange rate fee, which has the effect of depreciating the value of the dollar relative to the other currency. Some financial institutions refer to this as a currency conversion charge.
• You will be charged loan interest if you pay back the money you spend on the card in installments rather than in one lump sum. When compared to other loan options, debit interest rates are prohibitively high; thus, you should only utilize this option in extreme circumstances. In the case of credit cards that do not have this feature, the overdraft facility may be accessible in addition to the credit limit.

Professionally Repair Your Credit with Advance Credit Repair

As long as you understand that there is no magic in the process and that some items might not be able to come off your report, then you can order this gig.

We can help with:

• Inquires
• Charge Offs
• Collections
• Bankruptcies
• Late Payments
• Public Records
• Student Loans 
• Foreclosures
• Medical Bills

With any of these gigs, you will get a team of professionals that will relentlessly fight against the credit bureaus and creditors to get results. We send up to 20 dispute letters per round. Because we are located in Miami, Florida, we always mail the disputes ourselves. We don't use any third-party mailers like LetterStream, etc.

Which Credit Card is Best for Travel- 5 of the Best Ones!

Now is the greatest time to open a travel credit card and take advantage of all the advantages and benefits it has to offer. So, if you are still stuck on the query about “which credit card is best for travel”, here are our personal favorites!

1. American Express Platinum Card

The American Express Platinum card is unsurpassed in terms of travel privileges and benefits. If access to lounges, hotel elite status, and yearly statement credits are important to you, this card is well worth the expensive annual fee.

Key Benefits

• Spend $6,000 on purchases with your new Card throughout the first six months of your Card membership to earn 100,000 Membership Rewards points. Fill out an application and select your preferred metal Card design from the Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu selections.
• Purchases of up to $500,000 made directly with airlines or via American Express Travel in a calendar year earn 5X Membership Rewards Points, and prepaid hotels booked directly with airlines or through American Express Travel earn 5X Membership Rewards Points in a fiscal year.
• When you use your Platinum Card to make prepaid Fine Hotels + Resorts or The Hotel Collection bookings with American Express Travel, you will earn a $200 bill credit each year.
• Earn up to $20 in monthly statement credits when you use your Platinum Card to pay for eligible purchases from one or more of the following providers: Peacock, Audible, SiriusXM, and The New York Times, among others. Enrollment is required.

2. Capital One Venture Rewards Card

If you can use the up to $300 statement credit toward Capital One Travel, the annual cost for Venture X is essentially lowered to $95, which is the same as the annual fee for the Capital One Venture Rewards Credit Card (which has a lower annual fee). 

When you include in a 10,000-mile bonus on account anniversary (worth $185 according to TPG estimates) and access to airport lounges, the card may be the most appealing option for many travelers.

Key Benefits

• Earn 75,000 bonus miles after spending $4,000 on purchases in the first three months of your account, which is equivalent to $750 in travel expenditures.
• Receive up to $300 in annual statement credits for reservations booked via Capital One Travel, where you'll get the lowest Capital One prices on hundreds of different choices.
• Beginning with your first anniversary, you'll earn 10,000 bonus miles every year (equal to $100 in travel expenditures).
• You may earn an unlimited amount of 10X miles on Capital One Travel hotel and rental car reservations, as well as 5X points on Capital One Travel flights.

3. Chase Sapphire Preferred Card

The Chase Sapphire Preferred Card is one of today's most well-known and commonly utilized travel rewards credit cards. The card provides an excellent percentage of return on travel and dining expenses, as well as a plethora of other perks that much surpass the $95 annual cost. 

Cardholders can use their points to book travel with Chase at a rate of 1.25 cents per point, or they can transfer their points to one of Chase's 14 valuable airline and hotel partners.

Key Benefits

• If you spend $4,000 on purchases in the first three months of your account's existence, you'll receive 60,000 extra points. You will earn $750 when you redeem your points with Chase Ultimate Rewards.
• A $50 annual Ultimate Rewards Hotel Credit, 5x on Chase Ultimate Rewards travel expenditures, 3x on dining purchases, and 2x on all other travel purchases are just a few of the benefits you may expect.
• When you redeem your Chase Ultimate Rewards points for airline tickets, hotels, car rentals, or cruises, your points will be worth 25% more. 60,000 points, for example, are worth $750 in travel credit for a future trip.

4. Capital One Venture Rewards Credit Card

The Capital One Venture Rewards Credit Card is a fantastic choice for most travelers who prefer simplicity and value for money when it comes to ease of use and hefty rewards. This card earns 2 miles for every dollar spent and has no bonus categories to learn, making it a good choice for those who lead hectic lives.

Key Benefits

• Enjoy a one-time bonus of 60,000 miles after spending $3,000 on purchases within three months of creating your account, which is equivalent to $600 in travel costs.
• Every purchase, every day, earns you an endless amount of 2X miles.
• Miles do not expire for the length of the account, and there is no limit to the number of miles you may earn.
• Get a $100 credit toward TSA PreCheck or Global Entry.
• Earn 5X miles on hotel and rental car reservations booked via Capital One Travel, where you'll find the best prices from Capital One on hundreds of travel options.

5. Capital One VentureOne Rewards Credit Card

The Capital One VentureOne Rewards Credit Card is a good place to start if you want to get your feet wet in the world of travel rewards. You will not need to keep track of numerous bonus categories because there is no annual fee and a basic 1.25 mile per dollar earned on all of your purchases - you will simply collect rewards on whatever you spend! 

When paired with the 20,000-mile sign-up bonus, you may use your points to buy travel, transfer to Capital One's reward partners, and a number of other things.

Key Benefits

• There is no annual fee, and there are no fees for foreign transactions. '
• If you spend $500 on purchases within three months of starting your account, you will earn a bonus of 20,000 miles, equivalent to $200 in travel.
• Every transaction earns you an endless amount of 1.25X miles.
• Miles do not expire for the length of the account, and there is no limit to the number of miles you may earn.
• Earn 5X miles on hotel and rental car reservations booked via Capital One Travel, where you'll find the best prices from Capital One on hundreds of travel options.

Professionally Repair Your Credit with Advance Credit Repair

As long as you understand that there is no magic in the process and that some items might not be able to come off your report, then you can order this gig.

We can help with:

• Inquires
• Charge Offs
• Collections
• Bankruptcies
• Late Payments
• Public Records
• Student Loans 
• Foreclosures
• Medical Bills

With any of these gigs, you will get a team of professionals that will relentlessly fight against the credit bureaus and creditors to get results. We send up to 20 dispute letters per round. Because we are located in Miami, Florida, we always mail the disputes ourselves. We don't use any third-party mailers like LetterStream, etc.

When was Credit Card Invented- A Complete History!

Credit cards, for better or worse, are a cornerstone of the United States' economic infrastructure. According to Experian's State of the Credit report, the average American had 3.1 credit cards with an average amount of $6,354 at the end of 2017, plus 2.5 retail credit cards with an extra balance of $1,841 at the end of 2017. But when did credit cards first appear on the scene?

According to the Federal Reserve, "paying with plastic" has become so prevalent that the total amount of credit card debt in the United States surpassed $1 trillion last year. Has the thought of how we arrived at this point ever occurred to you, though? The most astounding thing about credit cards is how rapidly they've become indispensable to modern capitalism, which is quite remarkable.

In most historical accounts, the contemporary credit card can be traced back to the formation of Diners Club in 1950, which was the first charge card that could be used to make purchases at a variety of merchants. In a way, Diners Club was a modern take on an ancient ritual. So, in this article, let’s have a brief look at when credit cards were invented (history)!

Early Forms of Credit

Vendors have been providing credit to their consumers for thousands of years to assist them in financing goods. For example, seeds might be sold to farmers with payment conditions that allow them to be paid when the crop is completed.

the code-named for Babylon's ruler Hammurabi (1792-1750 B.C. ), in what is now Iraq, is one of the first known documented credit systems. These laws set standards for lending money and repaying it, as well as for charging interest on loans and repayments. The term "loan" refers to a financial relationship between a single borrower and a single creditor or merchant that has existed historically. 

Nowadays, a consumer may be able to use revolving credit with a single retailer, which is a line of credit that can be borrowed indefinitely without requiring repayment. In terms of functionality, this is the equivalent of a shop credit card that is not linked to a broader payment network.

The Combination of the Terms "Credit" and "Card"

Companies expanded on the concept of revolving credit in the late nineteenth and early twentieth centuries to add a tangible item that could be used to quickly identify their client accounts. One type of reward was coins or medals that had the merchant's name and logo, as well the customer's account number, on the reverse side.

The shopkeeper would imprint the coin or medal on the customer's sales slip just like many credit card transactions in the late twentieth century. In the 1930s, these coins and medals were transformed into rectangular metal cards known as Charga-Plates, which resembled a cross between a credit card and a military dog tag in appearance.

The Final Countdown

Consumers were already carrying rectangular metal cards that they could use to make purchases, thus there were only a few concerns that needed to be addressed before the contemporary payment card could be developed.

First and foremost, someone had to come up with a financial instrument that could be utilized to charge several merchants at the same time. The Air Travel Card, which was introduced in the 1940s and 1950s and allowed travelers to purchase tickets on credit from a variety of different airlines, was an early version.

Diners Club was formed in 1950 by Ralph Schneider and Frank McNamara, who were responsible for the invention of the modern payment card. This was the first general-purpose charge card, but clients were expected to pay the whole balance on their monthly account each month.

Customer balances on credit cards were first offered by American Express, and then by other companies in the following years. This was the final piece of innovation necessary to establish the financial instrument that we would come to know and recognize as a contemporary credit card.

Credit Card Technology Has Advanced Over Time!

Initially, credit cards functioned in the same way as medals, coins, and plates had previously. A simple imprint of the card would be created by the merchant, which would be recognizable to anybody who recalls how many credit card purchases were made up until the early 1990s. Nevertheless, during the 1980s, many credit cards began to have a magnetic stripe on the back, which could be read by sophisticated computer equipment that was at the time considered state-of-the-art.

A magnetic stripe is considered primitive by today's standards because the information stored on it is not even encrypted, as is the case with most other types of storage media. Just as imprinting gave way to magnetic stripe scanners, credit cards with integrated computer chips are also displacing magnetic stripes as a form of identification. They are referred to as EMV smart chips, and they are embedded computer chips that enable encrypted, two-way authentication between a merchant's credit card terminal and the payment processing network.

This technology has been around since the 1990s, and it has become increasingly popular in Europe over the previous 20 years. American consumers have just recently begun to switch to EMV-enabled cards and readers, with the transition occurring in the last five years. When compared to ordinary magnetic stripes, encrypted communications make it significantly less vulnerable to hackers, and the computer chips make it far more difficult for thieves to counterfeit.

Some industry analysts, on the other hand, believe that the period of EMV smart chips may be relatively brief, given the fast integration of wireless payment technology into smartphones, watches, and other wearable platforms in recent years. Finally, many people envision a day when biometric authentication would allow customers to charge purchases using a fingerprint or retinal scan, rather than needing to carry about a physical device with their credit card information.

Charges were formerly made with metal coins, but we've gone a long way since then, and the credit and debit cards in your wallet may become outdated in the not too distant future.

Professionally Repair Your Credit with Advance Credit Repair

As long as you understand that there is no magic in the process and that some items might not be able to come off your report, then you can order this gig.

We can help with:

• Inquires
• Charge Offs
• Collections
• Bankruptcies
• Late Payments
• Public Records
• Student Loans 
• Foreclosures
• Medical Bills

With any of these gigs, you will get a team of professionals that will relentlessly fight against the credit bureaus and creditors to get results. We send up to 20 dispute letters per round. Because we are located in Miami, Florida, we always mail the disputes ourselves. We don't use any third-party mailers like LetterStream, etc.

What Credit Card Should you Get- A Comprehensive Guide to Credit Cards!

Obtaining a credit card may be a time-consuming process, especially if you are uncertain about how to choose the best credit card for you.

It is possible to have a significant influence on your budget and financial well-being by selecting the best credit card for you – one that is tailored to your unique situation. If done correctly, making the right option can result in annual savings of hundreds (or even thousands) of dollars.

Here, we'll walk you through a series of traits and questions to help you navigate the sea of credit card offers and apply for the best credit card for your requirements. So, let’s answer your popular query “what credit card should I get!”

How to Choose an Appropriate Credit Card?

The first step in choosing a credit card is establishing what type of card you require. Credit cards, like any other tool, should be obtained with a specific objective in mind. You wouldn't buy an electric drill if you intended to grow tomatoes in your backyard garden!

Make a note of your current financial habits and needs, and then determine whether you require financial assistance.

• A credit card that provides incentives or does not provide incentives
• A credit card that allows for the transfer of balances between accounts.
• An annual fee-free credit card.

What kind of credit card should I get?

Your needs will dictate the sort of credit card you should receive. If you're searching for a rewards credit card that you'll use on a daily basis, the American Express Blue Cash Preferred Card is a great option. 

Alternatively, if you are new to credit or have a poor credit history, the Discover it Secured Credit Card may be an excellent alternative to consider in order to develop or restore a positive credit history.

Is it possible for you to pay off all of your purchases before the end of the month?

This is the first question you must ask yourself in order to take the first step in picking a credit card. If your answer is anything other than "yes," look for low-interest credit cards or debt transfer credit cards with low-interest rates when determining which credit card to get.

Credit cards are classified into two types: those that give incentives and those that do not offer any perks. If you carry a balance on your credit card from month to month, don't even think about applying for a rewards card when deciding which credit card to use in the first place. This is because whatever benefits you receive will almost certainly be eaten away by interest — especially because rewards cards have higher annual percentage rates (APRs).

Choosing between several sorts of credit cards with perks!

If you never carry a balance on your credit card, a rewards card might be an excellent choice when deciding which credit card to use for purchases. Almost all of these credit cards provide a prize or return for every dollar charged to your account.

The rate at which you earn points will frequently change depending on the business, while a limited number of credit cards will provide a consistent rate regardless of where you spend. The issue is selecting a credit card that is appropriate to your purchasing habits and the locations where you spend the majority of your money.

There are some credit card incentive schemes to select from!

If you never carry a balance on your credit card, a rewards card might be an excellent choice when deciding which credit card to use in your financial life. Almost all of these credit cards provide a prize or a refund for every dollar charged to your card account.

Rewards accrual rates differ from store to store, but a select group of credit cards provides a flat rate that applies to all purchases. Your objective will be to choose a credit card that is compatible with your purchasing habits and the places where you spend the majority of your money.

The three most prevalent forms of credit cards that give benefits are cashback credit cards, co-branded credit cards, and general travel rewards credit cards.

1. Cashback credit cards

These often feature the most basic incentive programs and provide the lowest returns on investment. Every purchase you make with this sort of card results in you earning a percentage of the total amount back, generally in the form of a bill credit that you may use to pay down your debt. 

In rare cases, you may be able to get a check or a direct transfer for the number of points you have accumulated.

Advantages

• These cards are simple to understand.
• You won't have to bother about maximizing or redeeming your points; simply shop with this type of card, and the reward will be instantly credited to your account.
• Most cashback cards have no annual fees, making them excellent for consumers who don't spend a lot of money.

Disadvantages

• Rewards are often less valuable than co-branded credit cards and plain travel credit cards. 

2. Co-branded credit cards

Some credit cards are tied to a specific airline, hotel, or retail outlet. Additional bonuses and features are frequently provided with the best co-branded credit cards, which are especially advantageous to customers who shop at the stores of their affiliated brand.

• Certain airline credit cards, for example, may give you additional incentives.
• Priority boarding privileges are available. 
• It is a privilege to have access to aircraft lounges.
• A complimentary checked bag 

Advantages

• Frequent flyer benefits, like free checked luggage and elite status, are quite useful.
• When you make purchases from the firm, you will get more points.

Disadvantages

• It is conceivable that the rewards rate for non-brand purchases may be lower than usual (though not always)
• It is customary for co-branded credit card rewards to be redeemed solely with that brand or its partners.
• If you don't frequently utilize the brand, the advantages may be ineffective.

Professionally Repair Your Credit with Advance Credit Repair

As long as you understand that there is no magic in the process and that some items might not be able to come off your report, then you can order this gig.

We can help with:

• Inquires
• Charge Offs
• Collections
• Bankruptcies
• Late Payments
• Public Records
• Student Loans 
• Foreclosures
• Medical Bills

With any of these gigs, you will get a team of professionals that will relentlessly fight against the credit bureaus and creditors to get results. We send up to 20 dispute letters per round. Because we are located in Miami, Florida, we always mail the disputes ourselves. We don't use any third-party mailers like LetterStream, etc.

Which Credit Cards have the Best Rewards- 5 of the Top Ones!

Credit card perks extend well beyond points and miles. With the right credit card, you may save money on shopping, get a good start on your vacation fund, and much more. You may add value to your wallet in addition to points and miles with TPG's top rewards credit cards from our partners.

So, today in this article, let’s look at what credit card has the best rewards. Here we will look at the 5 best credit cards!

1. Chase Sapphire Preferred Card

In terms of travel reward credit cards, Chase Sapphire Preferred is one of the most popular. The card offers a decent return on travel and eating expenses, easily justifying the $95 annual charge. 

Cardholders can use their points to book travel with Chase at a rate of 1.25 cents per point, or they can transfer their points to one of Chase's 14 valuable airline and hotel partners.

Key Benefits

• After spending $4,000 in the first three months, you will receive 60,000 points. With Chase Ultimate Rewards, it equates to $750.
• Get a $50 annual Ultimate Rewards Hotel Credit, 5x points on travel booked through Chase Ultimate Rewards, 3x points on dining, and 2x points on all other travel purchases.
• When you use Chase Ultimate Rewards for the airline, hotel, car rental, or cruise bookings, you will receive a 25% bonus. The value of 60,000 points is equal to $750 worth of travel.
• When you redeem points for statement credits against current purchases, in particular, rotating categories, Pay Yourself Back(SM) will offer you a 25% incentive.

2. Capital One Venture Rewards Card

With the $300 Capital One Travel statement credit, the yearly cost of Venture X is effectively reduced to $95, matching the annual cost of the Capital One Venture Rewards Credit Card. The card may be the best option for many travelers, with a 10,000-mile anniversary bonus (worth $185 according to TPG estimates) and lounge access.

Key Benefits

• Earn 75,000 bonus miles after spending $4,000 in the first three months, which is equivalent to $750 in travel.
• When you book via Capital One Travel, you may get up to $300 back in statement credits each year.
• Beginning with your first anniversary, you will receive 10,000 more miles (worth $100) every year.
• Earn 10 points per dollar spent on hotels and rental vehicles and 5 miles every dollar spent on flights booked via Capital One Travel.
• All other purchases get you 2X miles.
• With unrestricted access to Priority Pass lounges worldwide, you can avoid airport crowds and re-energize before your trip.
• TSA PreCheck and Global Entry can each receive a credit of up to $100.
• Transfer Venture X points to 15+ travel loyalty programs and uses them to pay for flights, hotels, rental cars, and more.

3. American Express Gold Card

This is more than just a nice card. It gives 4 points for every dollar spent in international restaurants and US supermarkets (up to $25,000 per year; after that, 1 point per dollar). It also accumulates $120 in Uber Cash every year ($10 per month) that may be spent on Uber Eats orders or Uber rides in the United States. 

All of this makes it a viable competitor for all food purchases, a significant segment of spending. However, certain benefits necessitate enrollment.

Key Benefits

• Spend $4,000 on qualifying purchases with your new Card within 6 months and you'll receive 60,000 Membership Rewards points.
• Earn 4X Membership Rewards Points at restaurants in the United States, plus takeout and delivery, and 1X at supermarkets (up to $25,000 per calendar year).
• Booking directly with airlines or amextravel.com gets three times the Membership Rewards points.
• $120 Add your Gold Card to your Uber account to receive $10 in Uber Cash every month for Uber Eats orders or Uber trips in the United States, up to a maximum of $120 per year.
• When you pay with the Gold Card, you may earn up to $10 in monthly bill credits at Grubhub, Seamless, The Cheesecake Factory, Ruth's Chris Steak House, Boxed, and some Shake Shack locations. Every year, you might save up to $120. Enrollment is required.

4. The American Express Platinum Card

The American Express Platinum card is unsurpassed in terms of travel privileges and benefits. If you value features like lounge access, hotel elite status, and yearly statement credits, which are all available with this card, the high annual fee is well worth it.

Key Benefits

• Spend $6,000 on purchases with your new Card throughout the first six months of your Card membership to earn 100,000 Membership Rewards points. Fill out an application and select your preferred metal Card design from the Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu selections.
• Purchases of up to $500,000 made directly with airlines or via American Express Travel in a calendar year earn 5X Membership Rewards Points, and prepaid hotels booked directly with airlines or through American Express Travel earn 5X Membership Rewards Points in a fiscal year.
• When you use your Platinum Card to make prepaid Fine Hotels + Resorts or The Hotel Collection bookings with American Express Travel, you will earn a $200 bill credit each year.

5. Capital One Venture Rewards Credit Card

The Capital One Venture Rewards Credit Card is a fantastic choice for most travelers who prefer simplicity and value for money when it comes to ease of use and hefty rewards. 

This card earns you 2x miles on every transaction and has no bonus categories to remember, making it a perfect choice for folks who lead busy lives.

Key Benefits

• Enjoy a one-time bonus of 60,000 miles after spending $3,000 on purchases within three months of creating your account, which is equivalent to $600 in travel costs.
• Every purchase, every day, earns you an endless amount of 2X miles.
• Miles will not expire for the duration of the account's existence, and there is no limit to the number of miles you may earn.
• Get a $100 credit toward TSA PreCheck or Global Entry.
• Earn 5X miles on hotel and rental car reservations booked via Capital One Travel, where you'll find the best prices from Capital One on hundreds of travel options.

Professionally Repair Your Credit with Advance Credit Repair

As long as you understand that there is no magic in the process and that some items might not be able to come off your report, then you can order this gig.

We can help with:

• Inquires
• Charge Offs
• Collections
• Bankruptcies
• Late Payments
• Public Records
• Student Loans 
• Foreclosures
• Medical Bills

With any of these gigs, you will get a team of professionals that will relentlessly fight against the credit bureaus and creditors to get results. We send up to 20 dispute letters per round. Because we are located in Miami, Florida, we always mail the disputes ourselves. We don't use any third-party mailers like LetterStream, etc.

Is credit card interest tax deductible? Let’s find out!

Many self-employed people and small business owners wonder if credit card interest is tax-deductible. The answer is both yes and no, to be honest. Please allow me to clarify. Interest paid on a personal credit card is not tax-deductible. In other words, interest paid on a company credit card is tax-deductible.

Surprisingly, credit card interest could previously be deducted on tax returns regardless of the reason for which the credit card was used. Your whole interest payment was deductible on your tax return. Interest paid to credit card issuers could no longer be claimed on your income tax return after the Tax Reform Act of 1086 was adopted, unless it was for commercial transactions.

So, let’s have an in-depth look at the query “Is credit card interest tax deductible?”

What kind of costs are considered business expenses?

So, what are the company's expenses? The costs of doing business are referred to as business expenditures. What expenses may you deduct from your taxes? To be deducted, a corporate expense must be both normal and necessary.

In your business, an average expense is one that is commonly incurred and accepted. A necessary expense is one that is useful to and consistent with your organization's operations. An expense does not have to be absolutely essential to be deemed necessary.

Personal credit card vs. business credit card

Frequently, customers ask, "Do I need a particular business credit card to deduct interest on business-related credit cards?" "No," is the response. While it is not essential, having a separate corporate credit card looks much better during an IRS audit.

We strongly suggest you acquire a business credit card if you own a small business. Most do not have an annual cost, and you may select from a range of alternatives according to your credit score. Annual fees, foreign transaction fees, ATM fees, maintenance fees, and a range of other bank and credit card expenditures are all tax-deductible.

The following are examples of tax-deductible interest payments:

1. Home mortgage interest

House mortgage interest, in general, refers to the interest paid on a loan secured by your home (main home or a second home). You may deduct interest on a home mortgage or business loan if all of the following conditions are met.

• You fill out Form 1040 or 1040-SR and use Schedule A to itemize your deductions.
• A mortgage is a secured debt that is backed by an ownership interest in a qualified home.
• You and the lender must both plan to repay the debt.
• Mortgage interest can be deducted entirely on the first $750,000 of debt. The lender to whom you made payments reports mortgage interest to you on Form 1098, Mortgage Interest Statement.

2. Student loan interest

Student loan interest is a proportion of the extra charges you paid on an approved student loan over the course of the year. This includes both mandatory and optional interest prepayments.

You can deduct them from your taxes if the amount is less than $2,500 or the total amount of student loan interest paid for the year. When your modified adjusted gross income (MAGI) exceeds the annual ceiling for your filing status, the deduction is gradually reduced until it is eliminated entirely.

You are not needed to itemize your deductions because this deduction is claimed as an adjustment to income.

You may claim the deduction if all of the following conditions are met:

• You paid interest on an eligible student loan in the tax year 2021;
• You are legally compelled to pay interest on an approved student loan.
• You are not married and are filing your taxes individually;
• Your MAGI is less than a specified yearly limit; and You or your spouse, if filing jointly, cannot be claimed as dependents on another person's return.
• A student loan that is eligible is one that you obtained largely to pay for recognized higher education expenses that were not covered by your financial aid.
• For you, your spouse, or a dependant at the time you took out the loan; for education given to a qualifying student during an academic semester; and
• Paid or incurred within a reasonable time frame before to or after the loan.
• This deduction is phased down for taxpayers with an adjusted gross income of$70,000 to $85,000 ($14,000 to $170,000 if married filing jointly). If you paid $600 or more in interest on an eligible student loan during the year, the organization to whom you paid the student loan interest will send you a Form 1098-E, Student Loan Interest Statement.

3. Investment interest

You may be eligible to deduct investment interest expenses if you claim itemized deductions. The cost of borrowing money to buy taxable investments is referred to as interest on investments. This includes loans used to acquire stock in your brokerage account. In some cases, you may be able to deduct the interest paid on the margin loan (but not if the loan was used to purchase tax-favored investments such as municipal bonds).

You may deduct the whole investment interest charge if your expenditures exceed your net investment income. If your interest expenses exceed your net investment income, you can only deduct up to your net investment income. Any residual interest expenditures at the conclusion of the fiscal year are carried forward to the next year.

• The IRS Form 4952 is used to determine deductible investment interest expenditure and carryover interest expense.
• Payments of interest that are not deductible as a business expenditure
• When a car loan is utilized only for personal reasons, interest is incurred.

While car loan interest cannot be deducted on a personal vehicle, it can be deducted on a business vehicle if the actual vehicle expense deduction is used rather than the standard mileage rate deduction. Actual car costs include the following:

• Auto loan interest
• Auto insurance
• Gasoline
• Auto maintenance
• Tolls and parking fees
• Interest on a personal loan

A personal loan's interest is not tax-deductible. If, on the other hand, you borrow money and spend 70% of it on business and 30% on a family vacation, you can deduct 70% of the interest as a business expense. The remaining 30% is interest on personal loans, which is not deductible.

It's very unusual for business owners to mix personal and business expenses, and separating them is not an easy task after all expenses have piled up by tax season. However, if you want to lower your taxable income, it is highly recommended that you segregate personal and business expenses and keep proper records throughout the year.

Professionally Repair Your Credit with Advance Credit Repair

As long as you understand that there is no magic in the process and that some items might not be able to come off your report, then you can order this gig.

We can help with:

• Inquires
• Charge Offs
• Collections
• Bankruptcies
• Late Payments
• Public Records
• Student Loans 
• Foreclosures
• Medical Bills

With any of these gigs, you will get a team of professionals that will relentlessly fight against the credit bureaus and creditors to get results. We send up to 20 dispute letters per round. Because we are located in Miami, Florida, we always mail the disputes ourselves. We don't use any third-party mailers like LetterStream, etc.