THE SECRET OF GETTING CREDIT AND CREDIT CARDS
What Is Your Credit Rating Now?
If you have any charge accounts now, or have ever borrowed from the bank to buy a car, or if you are paying on a mortgage, there is credit information on you. Up until a few years ago, you could only guess at what your credit rating was, because the credit bureaus who keep track of borrowers wouldn’t tell the borrowers anything! But that’s been changed through several laws, and now the bureaus have to send you your credit file when you request it. If you’ve been denied credit on the basis of their record, they will send you a copy of that record without charge, if you request it within 30 days of the credit denial. If you haven’t been denied credit but just want to know what your file says, you must pay a small fee to find out.
Why You Really Must Get Your Credit Report
It is well worth your trouble to obtain your report. You may well find (because thousands do) that there is a piece of misinformation that is injuring you without your knowing it, which you can straighten out by submitting copies of documentary proof (never mail originals of anything important - it may get lost in the mail) of bills paid, payments made, etc.
What To Do If You Are 'Unlisted'
If, for one reason or another, you are not listed, or they have insufficient information on you to 'rate' your suitability for credit, you must take steps to correct this.
What To Do If You’re New in Town
If you have no record because you hold no cards and have no charge accounts, or because you have just come in from out-of-town, then you’d better start assembling one. It may sound a little ridiculous, but nobody will lend money to someone’s who’s always paid cash! You have to have borrowed money or run up charges and paid them back to be able to borrow larger sums as time goes along.
Start with the local merchants in your immediate area, the ones that already know you. Even if you don’t need it right now, ask them if you can set up a charge account with them. In most cases they’ll be glad to oblige you, they already know you’re local, and that you patronize them regularly. when you get the credit, charge a few items each week, and pay your account promptly when presented. In this way, you’ll build up a good credit record with these merchants in a short time.
Get Your Bank In on the Act
Go to the bank where you keep your checking account, and ask to borrow a nominal sum (say $500), which they are unlikely to refuse you. Do this even if you don’t need the money, because you do need the repayment record on their books. Repay the loan on a regular basis when due. Do not accelerate, and pay it all back the next month. Strangely enough the banks do not like that, because to them that indicates a 'feast or famine' situation, rather than a steady payer. The interest cost on this loan, even if you have no need for the money, will be well worth paying to build up your credit record. Besides, you can minimize this interest cost by depositing the money you have borrowed (assuming you do not immediately need it), in a savings account, and collecting the interest, which will defray a good part of the cost of the interest you are paying.
Once these charge accounts and the loan have been operating for a while, proceed to stage two, and ask a large local department store for a charge account. Most likely they will be happy to give you their charge card. Build up your rating with them by occasional purchases and prompt payment, and then you proceed to stage three, and apply for the less selective national credit cards, Master Charge and Visa, which you should a this point be able to get without too much difficulty.
On the Road
Once you have national bank credit, it’s easy to get credit from all the oil companies, which makes traveling around a cash-free pleasure. Some gas stations take national cards like Master Charge, but most only take their own credit cards, so you should not overlook these, just because you already have others.
First Class With No Cash
Once you have all the other cards, a paid-up loan or two, and a fine record of promptly paying your bills, you may be able to get the most selective cards of all, the 'travel and entertainment' cards. These are American Express, Diners’ Club and Carte Blanche. These cards operate on a different system than ordinary retail store cards, or the national bank cards, both of which are revolving credit plans on which you pay a small amount each month, until your balance is all paid up. The store or bank hopes you take a long time to pay, because they make their money on the 1 1/2% monthly (which is 18% yearly!) finance and, or interest charges.
The T&E cards, however, expect you to pay your bills at the end of the month! Let your account get 60 days or more delinquent, and they’ll cancel you out as fast as a flash of lightning. Although these cards do not charge interest, they do charge you a fee for membership.
Let Me Entertain You
So how do you get these marvelous bits of plastic that open up the doors of exotic nightspots in Tangiers as easily as your nearby Howard Johnson’s? Your good credit record, that you have already established, will be the most help. Since the T&E people want you to pay your bills promptly each month, they want to know that you have a steady record of paying bills promptly to other people.
So first American Express, or Carte Blanche, or Diners’ Club, looks at your credit record. Then at your salary or other income. Most of them have cut-off points below which they will not grant their cards. But even if you earn more than their minimum requirements, they don’t automatically okay you for their credit. They look at your stability! How do they measure stability? How long have you worked on your present job? If you don’t have a minimum of two years of steady work in one place, they may not consider you at all. How long have you lived at your present address? At your previous address? And do you rent an apartment which means you could move tomorrow, or do you own your own house, which means you will probably still be in the same place next year. How stable is your livelihood? Do people in your field of work get laid off frequently?
Now You Can Really Start to Live!
Once you have all the major national credit cards in your wallet, you can live like the millionaires do, even though you haven’t yet become one. You can go into a fancy store, or even call them on the telephone, and order those wonderful luxuries which make life so much more exciting, like furs and diamonds, for your loved one, or new furniture or appliances for your living room, bedroom or kitchen. All of this can come true in the wonderful world of credit. Now in today’s world you can charge almost anything on a credit card, from admission to a nudist camp in Yugoslavia, to medical care at a hospital in Atlanta, university courses in New York City, funerals in Los Angeles, and even the services of legal prostitutes in Las Vegas.
Erasing the Bad Marks
But what do you do if you haven’t been able to pay your bills promptly, or you’ve run up more than you can handle, or you don’t have a very stable work history? Do you have to give up the dreams of credit-card living? Not entirely!
Once you find out which credit conditions in your background are the most troublesome (from the credit report you have already sent for), you then start to create new conditions that you can then base your records on. If you were out of work, perhaps you can get a reference from someone you know who owns a business and is willing to say that you worked for him, if the credit card company checks your references. If your bills are too high, and you’ve missed a few payments, perhaps you should see one of the free consumer-counseling services that are springing up in the larger cities which will enable you to consolidate your debts into a manageable amount. Remember that credit card companies don’t care very much about the amount you owe, but they care a lot about whether you pay steadily, every single month, even if the amount each month is small, and the entire debt will take years to pay off!
Don’t overlook ways to establish good credit without buying anything! For example, you have telephone service in your own name, you have a record of paying bills to them which is then part of your credit record. The same for your gas and electric supplies from you local public utilities. These services, when they are in your name, will show prospective merchants that you do have a record of paying bills, even if you haven’t yet established retail store or bank credit.
Using Your Credit to Save Cash!
The world of credit has one more trick you should know about, this one that actually saves you money right on the spot. All you have to do is carry your credit cards with you when you go out shopping, even if you intend to pay by cash. Then you have to keep an eye open for the smaller, personal service-type shops, where the boss himself, or one of the partners, is always present (you’ll see why in a minute). As you walk in, check out the decals on the door to see which credit cards they accept. Then select your purchase in the way you normally would - taking your usual care to be sure you’re getting the right item at the right price. When the deal’s all set, produce your credit card (one of those you know he takes), and say 'I’d like to charge it, please!' At this, the merchant’s face will probably drop about six feet, but he’ll take your card and walk over to the imprinting machine (or maybe to the telephone to check your credit status). He hasn’t got much choice, he has to take your card if he uses their decal in the window. But the point is, he hates to, because he has to pay the credit card company a percentage of the sale, usually somewhere between 6% and 10%.
Now, while he’s vulnerable, is the time to hit him with a casually dropped remark like 'say, how about knocking 5% off the price, and I’ll pay cash instead?' The chances are he’ll accept your offer, because it saves him the other part of the credit card company percentage, and because it saves him bookkeeping chores, and waiting from 3 to 7 days for his money to be credited to him by the credit card company.
The reason why this gimmick doesn’t work in big stores is that the clerk doesn’t give a damn what it costs the boss, and has no authority to take an additional percentage off the price, so he’ll just go ahead and write up your credit card invoice.
Thank !!!!
ContentMart.com
How To Get Any Credit Card You Want
GET ANY CREDIT CARD YOU WANT
You should have no problem getting any credit card you want if you follow the procedure explained in Report #9005 - ESTABLISH AAA CREDIT IN 30 DAYS. But, there are a few rules to follow to insure you have no difficulties in obtaining your cards:
1) Apply for department store cards first. Purchase something and pay the balance when due;
2) Apply for gasoline credit cards listing your department store cards as references;
3) Apply for bank cards - MasterCard and Visa;
4) Apply for the Travel and Entertainment cards - American Express, Diner’s Club, etc.
Thank !!!!
ContentMart.com
You should have no problem getting any credit card you want if you follow the procedure explained in Report #9005 - ESTABLISH AAA CREDIT IN 30 DAYS. But, there are a few rules to follow to insure you have no difficulties in obtaining your cards:
1) Apply for department store cards first. Purchase something and pay the balance when due;
2) Apply for gasoline credit cards listing your department store cards as references;
3) Apply for bank cards - MasterCard and Visa;
4) Apply for the Travel and Entertainment cards - American Express, Diner’s Club, etc.
Thank !!!!
ContentMart.com
Pre-approved Credit Cards
123. PRE-APPROVED CREDIT CARDS
Pre-approved cards are the result of one bank who now has you as a customer, and sells your name to another bank or a series of banks so they can offer you their credit cards. Here’s how it usually works:
Many smaller banks want to be credit card issuers but, because of limited facilities for credit card processing, it is sometimes difficult for a smaller bank to cash in on the credit card boom. What’s been developed is an interconnect system where large banks will process credit card applications and issue the credit cards for the little banks.
For example, let’s say that Mini Savings & Loan wants to get in on the Plastic Pursuit. However, Mini does not have the facility or the staff to process credit card applications and issue credit cards. What Mini has to do is contract the service with Maxi Bank.
Since Maxi has several banks that they provide this service to, Mini Savings & Loan is just a welcome addition to their roster of client banks for whom they process and issue credit cards.
When you apply for a credit card at Mini Savings & Loan, your application is actually forwarded to Maxim Bank who runs a credit check and, granting you have good credit, issues you your choice of VISA or MasterCard with Mini Savings & Loan’s name on it.
However, since Maxi is the issuing bank and since it has your credit on their file, they can very well send you an application for their own credit card. They can also sell your name to their other client-banks who can offer you their credit cards on a pre-approved basis.
Another source that sells your name is the credit bureau. Because they can program their computers to search for names of existing credit card holders with clean and healthy files, they can provide issuing banks with a premium mailing list of people to whom the banks can send pre-approved credit card applications.
Thank !!!!
ContentMart.com
Pre-approved cards are the result of one bank who now has you as a customer, and sells your name to another bank or a series of banks so they can offer you their credit cards. Here’s how it usually works:
Many smaller banks want to be credit card issuers but, because of limited facilities for credit card processing, it is sometimes difficult for a smaller bank to cash in on the credit card boom. What’s been developed is an interconnect system where large banks will process credit card applications and issue the credit cards for the little banks.
For example, let’s say that Mini Savings & Loan wants to get in on the Plastic Pursuit. However, Mini does not have the facility or the staff to process credit card applications and issue credit cards. What Mini has to do is contract the service with Maxi Bank.
Since Maxi has several banks that they provide this service to, Mini Savings & Loan is just a welcome addition to their roster of client banks for whom they process and issue credit cards.
When you apply for a credit card at Mini Savings & Loan, your application is actually forwarded to Maxim Bank who runs a credit check and, granting you have good credit, issues you your choice of VISA or MasterCard with Mini Savings & Loan’s name on it.
However, since Maxi is the issuing bank and since it has your credit on their file, they can very well send you an application for their own credit card. They can also sell your name to their other client-banks who can offer you their credit cards on a pre-approved basis.
Another source that sells your name is the credit bureau. Because they can program their computers to search for names of existing credit card holders with clean and healthy files, they can provide issuing banks with a premium mailing list of people to whom the banks can send pre-approved credit card applications.
Thank !!!!
ContentMart.com
How To Get A Visa/mastercard With No Credit Check
HOW TO GET A VISA/MASTERCARD WITH NO CREDIT CHECK
SHAPING YOUR APPLICATION TO FIT THE RIGHT PROFILE
Creditors approve credit to those people who most closely match the right profile. They arrive at those conclusions by assigning point values to various items of information that are included either on your credit application or in a credit report.
Credit card companies like scoring systems because as a large volume creditor, they can replace trained credit personnel with a relatively few employees who can quickly total number columns and determine if an applicant’s point values add up to the right score.
Scoring, of course, is done for one reason. A creditor just wants to know that the odds are high he will get his money back. Scoring systems are fine for those people who fit right into the right profile, but what about those who don’t but could pay off their monthly obligations just as easily and reliably as the next person? If you are one of those people who just doesn’t 'fit the mold,' you’ll simply have to make a few adjustments in your application so that you do fit the scoring profile of what a creditor is looking for in a final total.
HOW CREDITORS RATE AN APPLICATION
The first thing you should know is that every system is different. That in itself can work to your advantage. You could be rejected by one company’s scoring system and approved by another. One creditor’s system will give you many points for a good ancwer, and totally ignore a question that gives a negative answer. Another creditor can simply reverse the process.
Keeping in mind that creditors use different scoring systems, we will list only the most important questions and briefly review how a response can affect your total score. The following categories are listed from the highest to lowest points awarded each response.
RESIDENCE - The longer you have lived in one place the better. Stability is given high points.
HOME OWNERSHIP - The best possible housing situation is to own your own home, even if itt is mortgaged. The worst is: renting an unfurnished apartment, living with parents, living in a trailer or motel.
FHA ASSUMABLE HOME LOANS
President Bush signed legislation making credit checks for home mortgages mandatory after December 1989. Prior to that date however, all loans are fully assumable without a mandatory credit check. There are four important factors that will allow you to purchase a home without a credit check and with a minimal down payment:
1) As a home buyer, your application can be pre-approved and your loan without a credit check provided: a) The original VA loan was granted March 1988, or b) The original FHA loan was granted prior to December 2) If the original home buyer made a small down payment on the sale price which was used primarily for closing costs and consequently did not buy any equity at that time. 3) If most of the payments made by the original owner were applied to interest during the first 4-5 years and very little went towards the principal. In that event, very little equity would result from making payments. Or, if there was any equity it would probably have been reduced by depreciation or other home market conditions. 4) The last factor would be low- or no-equity conditions that resulted from low inflation and other economic conditions that can decrease the value of property.
UNDERSTANDING WHAT EQUITY MEANS AS A BUYING FACTOR
In order to understand the buying significance of equity you must understand what it means. Equity is the difference between what real estate sells for (market value), and the payoff amount of the loan to a lender on that property. In other words, if you own a home with a market value or $100,000, but you owe the bank $99,000, your eequity is $1,000. In tens of thousands of cases, VA and FHA homes can be purchased with little or no down payment because no equity has been built up.
TENS OF THOUSANDS OF HOMES ARE AVAILABLE - INCLUDING YOURSS!
If you have been dreaming about owning your own home someday, Dream No More! Right now at this very moment there are tens of thousands of homes for you to choose from that can be purchased with no credit check and no down payment. or with a very modest down payment.
Sounds incredible doesn’t it? But remember, the only reason any seller requires a down payment in the first place is usually to recover the equity in their home. A small amount of equity requires a small down payment. No equity means no down payment!
DEAL WITH MOTIVATED SELLERS
Your objective as a smart buyer should always be to buy real estate with little or nothing down. Even if a seller has equity, you can work out an arrangement that is to your benefit. For example, a seller may agree to carry all the paper on the transaction. This doesn’t mean that the seller will receive no down payment where there is an equity consideration. What it does mean is that you shouldn’t have to come up with cold cash out of your pocket.
Extending credit to customers is the way creditors make money. If you convince them you are a good risk they will give you what you want. Basically, there are two ways you can achieve that goal.
1) You can bypass the normal scoring methods that are used by impressing the person processing your application that you are sincerek reliable, stable, and have the ability to make monthly payments on a loan or credit card account. 2) You can tailor your answers to the application’s questions and in that manner fit into the right scoring mold of what a good credit risk is, according to the formula they are using.
That doesn’t mean you should lie on your application. It simply means you should be aware that being compatible with certian sterotypes will work in your favor. Remember, a creditor can still verify the information you list in an application. Still, many people will twist the truth to put themselves in a favorable position. For example:
1) Some applicants will list their parent’s, a friend’s, or a relative’s address as their own residence and indicate they have lived there for years, knowing it probably won’t be checked. 2) Provided an applicant has a friend or employer who will go along with them, they can list a position and salary they don’t really receive. Then when the creditor calls to verify employment the friend will support what the applicant has claimed to be true. 3) Another way applicants instantly increase their salary is to set up their own corporation. After issuing themselves private stock with an inflated value, they list the stock as part of their salary.
MORE HOT TIPS ON HOW YOU CAN STACK THE ODDS IN YOUR FAVOR!
1) If you don’t have a telephone get one installed. The alternative is to make an arrangement with the telephone company and a friend or relative, to have your name listed with their phone. 2) If you have more than one job, list the one that provides you with the greatest income. 3) Add up your income from all sources and place the total in your gross income listing. Be prepared to submit a supplement to your application if they want to verify your income with your employer.
4) Many banks will have a list of 'good' and 'bad' reasons for borrowing money. Unless you are applying for a secured loan, you don’t have to spend the money for the reason specified. 'Good' reasons include home improvement, education, loan to establish credit, medical treatment for you or your family, and secured loans for a home, car, boat, and other properties. 'Bad' reasons include loans that create another obligation such as that created when you borrow money for a down payment and then have two payments to make; money to pay aa fine or penaltly; money to consolidate debts, unless you are doing it to get lower interest rates; an unnecessary luxury item; money to finance politics; and money that you will loan to someone else. Use a little common sense in determining what type of loan a creditor may consider bad.
5) Banks use dependent figures to determine what your living costs are. If you have more than two dependents you should indicate how they earn their own way or are self-supporting.
6) If you don’t own your own home, counteract this by showing how stable you are. For example, even though you have only rented in a new location for a relatively short time, you lived at your last residence for many years. You moved to improve yourself in some way.
7) Even job changes can be counteracted if each change increased your salary and improved your position.
8) Don’t ever let a creditor guess as to whether or not you can afford the extra obligation you are asking for. Make it obvious by the amount of your income. If you have more income sources than just your salary, include those amounts.
ALWAYS BE PERSISTENT AND NEVER GIVE UP!
If you complete an application and are still rejected, the very first thing you should do is be persistent and never give up. There are many reasons why a person may be turned down for credit, but whatever the reason, you have a legal right to ask a creditor what their reason was.
By knowing what some of the main reasons are for denying credit you can put yourself in a position whereby you can make necessary adjustments and avoid negative effects in advance. If you are turned down, you can then of course concentrate on those points when you reapply.
When you are dealing with creditors you will know who is the cooperative sort, and who is not. If an unsecured loan does not appear imminent, turn the conversation to a secured loan. Then all you do is deposit an amount into savings account to serve as collateral for the amount of credit you want to secure. In some cases the creditor may take personal property as security. If you go to one creditor and it’s clear he has no imagination to deal, go to another who is willing.
CONSIDER ASKING SOMEONE YOU KNOW TO CO-SIGN
A co-signer is soneone who generall has better credit than the person he is co-signing for. He is also the person a creditor will go after first in the event you do not pay off you debt. Why? Because the know that co-signers don’t want their credit ratings ruined and will quickly settle the obligation.
If you are trying to establish or rebuild credit, co-signers can help you achieve that goal. Naturally you wouldn’t need a co-signer every time you apply for credit. After paying off one obligation with a co-signer, it should be much easier to acquire more credit on your own.
Co-signers are usually friends or relatives. When you find someone willing to help they should be offered some compensation agreeable to both of you. Your application for credit will be approved primarily on the strength of your co-signer’s credit.
HOW TO GET A VISA OR MASTERCARD
The tips and techniques described in this report are meant to increase the odds for anyone who is absolutely certain they cannot get a Visa/Mastercard through normal channels. You should make every attempt to clean up your credit report by removing negative items and replacing them with positive items. If you have no credit at all, open an account at a local department store. After a few months apply for your bank card. If you are rejected, find out why and correct the problem. If that doesn’t work, cultivate a relationship with your banker. Open other accounts that are easier to obtain. Increase your income. Buy a home. Make yourself a better credit risk on your credit report. Ask a friend or relative to co-sign. After paying off that debt, reapply on your own. Or, the fastest and easiest way to open a Visa or Mastercard account in your own name, is through a secured account.
SECURED CREDIT CARDS
Secured Visa and Mastercard bank cards are issued by savings and loan associations throughout the U.S. The lender will ask you to open a savings account. The funds placed into the savings account are frozen as long as there is an outstanding balance on the credit card. The savings account acts as security against non-payment of charges made against the credit card. Then, in the event a cardholder doesn’t pay, funds from the frozen account can be used to pay off the debt. This method completely reduces any risk to the lender.
Requirements are often lowered by lending institutions that have this program. So if you couldn’t obtain a card through your regular bank, chances are you will receive one through a secured credit card program without a credit check.
Thank !!!!
ContentMart.com
SHAPING YOUR APPLICATION TO FIT THE RIGHT PROFILE
Creditors approve credit to those people who most closely match the right profile. They arrive at those conclusions by assigning point values to various items of information that are included either on your credit application or in a credit report.
Credit card companies like scoring systems because as a large volume creditor, they can replace trained credit personnel with a relatively few employees who can quickly total number columns and determine if an applicant’s point values add up to the right score.
Scoring, of course, is done for one reason. A creditor just wants to know that the odds are high he will get his money back. Scoring systems are fine for those people who fit right into the right profile, but what about those who don’t but could pay off their monthly obligations just as easily and reliably as the next person? If you are one of those people who just doesn’t 'fit the mold,' you’ll simply have to make a few adjustments in your application so that you do fit the scoring profile of what a creditor is looking for in a final total.
HOW CREDITORS RATE AN APPLICATION
The first thing you should know is that every system is different. That in itself can work to your advantage. You could be rejected by one company’s scoring system and approved by another. One creditor’s system will give you many points for a good ancwer, and totally ignore a question that gives a negative answer. Another creditor can simply reverse the process.
Keeping in mind that creditors use different scoring systems, we will list only the most important questions and briefly review how a response can affect your total score. The following categories are listed from the highest to lowest points awarded each response.
RESIDENCE - The longer you have lived in one place the better. Stability is given high points.
HOME OWNERSHIP - The best possible housing situation is to own your own home, even if itt is mortgaged. The worst is: renting an unfurnished apartment, living with parents, living in a trailer or motel.
FHA ASSUMABLE HOME LOANS
President Bush signed legislation making credit checks for home mortgages mandatory after December 1989. Prior to that date however, all loans are fully assumable without a mandatory credit check. There are four important factors that will allow you to purchase a home without a credit check and with a minimal down payment:
1) As a home buyer, your application can be pre-approved and your loan without a credit check provided: a) The original VA loan was granted March 1988, or b) The original FHA loan was granted prior to December 2) If the original home buyer made a small down payment on the sale price which was used primarily for closing costs and consequently did not buy any equity at that time. 3) If most of the payments made by the original owner were applied to interest during the first 4-5 years and very little went towards the principal. In that event, very little equity would result from making payments. Or, if there was any equity it would probably have been reduced by depreciation or other home market conditions. 4) The last factor would be low- or no-equity conditions that resulted from low inflation and other economic conditions that can decrease the value of property.
UNDERSTANDING WHAT EQUITY MEANS AS A BUYING FACTOR
In order to understand the buying significance of equity you must understand what it means. Equity is the difference between what real estate sells for (market value), and the payoff amount of the loan to a lender on that property. In other words, if you own a home with a market value or $100,000, but you owe the bank $99,000, your eequity is $1,000. In tens of thousands of cases, VA and FHA homes can be purchased with little or no down payment because no equity has been built up.
TENS OF THOUSANDS OF HOMES ARE AVAILABLE - INCLUDING YOURSS!
If you have been dreaming about owning your own home someday, Dream No More! Right now at this very moment there are tens of thousands of homes for you to choose from that can be purchased with no credit check and no down payment. or with a very modest down payment.
Sounds incredible doesn’t it? But remember, the only reason any seller requires a down payment in the first place is usually to recover the equity in their home. A small amount of equity requires a small down payment. No equity means no down payment!
DEAL WITH MOTIVATED SELLERS
Your objective as a smart buyer should always be to buy real estate with little or nothing down. Even if a seller has equity, you can work out an arrangement that is to your benefit. For example, a seller may agree to carry all the paper on the transaction. This doesn’t mean that the seller will receive no down payment where there is an equity consideration. What it does mean is that you shouldn’t have to come up with cold cash out of your pocket.
Extending credit to customers is the way creditors make money. If you convince them you are a good risk they will give you what you want. Basically, there are two ways you can achieve that goal.
1) You can bypass the normal scoring methods that are used by impressing the person processing your application that you are sincerek reliable, stable, and have the ability to make monthly payments on a loan or credit card account. 2) You can tailor your answers to the application’s questions and in that manner fit into the right scoring mold of what a good credit risk is, according to the formula they are using.
That doesn’t mean you should lie on your application. It simply means you should be aware that being compatible with certian sterotypes will work in your favor. Remember, a creditor can still verify the information you list in an application. Still, many people will twist the truth to put themselves in a favorable position. For example:
1) Some applicants will list their parent’s, a friend’s, or a relative’s address as their own residence and indicate they have lived there for years, knowing it probably won’t be checked. 2) Provided an applicant has a friend or employer who will go along with them, they can list a position and salary they don’t really receive. Then when the creditor calls to verify employment the friend will support what the applicant has claimed to be true. 3) Another way applicants instantly increase their salary is to set up their own corporation. After issuing themselves private stock with an inflated value, they list the stock as part of their salary.
MORE HOT TIPS ON HOW YOU CAN STACK THE ODDS IN YOUR FAVOR!
1) If you don’t have a telephone get one installed. The alternative is to make an arrangement with the telephone company and a friend or relative, to have your name listed with their phone. 2) If you have more than one job, list the one that provides you with the greatest income. 3) Add up your income from all sources and place the total in your gross income listing. Be prepared to submit a supplement to your application if they want to verify your income with your employer.
4) Many banks will have a list of 'good' and 'bad' reasons for borrowing money. Unless you are applying for a secured loan, you don’t have to spend the money for the reason specified. 'Good' reasons include home improvement, education, loan to establish credit, medical treatment for you or your family, and secured loans for a home, car, boat, and other properties. 'Bad' reasons include loans that create another obligation such as that created when you borrow money for a down payment and then have two payments to make; money to pay aa fine or penaltly; money to consolidate debts, unless you are doing it to get lower interest rates; an unnecessary luxury item; money to finance politics; and money that you will loan to someone else. Use a little common sense in determining what type of loan a creditor may consider bad.
5) Banks use dependent figures to determine what your living costs are. If you have more than two dependents you should indicate how they earn their own way or are self-supporting.
6) If you don’t own your own home, counteract this by showing how stable you are. For example, even though you have only rented in a new location for a relatively short time, you lived at your last residence for many years. You moved to improve yourself in some way.
7) Even job changes can be counteracted if each change increased your salary and improved your position.
8) Don’t ever let a creditor guess as to whether or not you can afford the extra obligation you are asking for. Make it obvious by the amount of your income. If you have more income sources than just your salary, include those amounts.
ALWAYS BE PERSISTENT AND NEVER GIVE UP!
If you complete an application and are still rejected, the very first thing you should do is be persistent and never give up. There are many reasons why a person may be turned down for credit, but whatever the reason, you have a legal right to ask a creditor what their reason was.
By knowing what some of the main reasons are for denying credit you can put yourself in a position whereby you can make necessary adjustments and avoid negative effects in advance. If you are turned down, you can then of course concentrate on those points when you reapply.
When you are dealing with creditors you will know who is the cooperative sort, and who is not. If an unsecured loan does not appear imminent, turn the conversation to a secured loan. Then all you do is deposit an amount into savings account to serve as collateral for the amount of credit you want to secure. In some cases the creditor may take personal property as security. If you go to one creditor and it’s clear he has no imagination to deal, go to another who is willing.
CONSIDER ASKING SOMEONE YOU KNOW TO CO-SIGN
A co-signer is soneone who generall has better credit than the person he is co-signing for. He is also the person a creditor will go after first in the event you do not pay off you debt. Why? Because the know that co-signers don’t want their credit ratings ruined and will quickly settle the obligation.
If you are trying to establish or rebuild credit, co-signers can help you achieve that goal. Naturally you wouldn’t need a co-signer every time you apply for credit. After paying off one obligation with a co-signer, it should be much easier to acquire more credit on your own.
Co-signers are usually friends or relatives. When you find someone willing to help they should be offered some compensation agreeable to both of you. Your application for credit will be approved primarily on the strength of your co-signer’s credit.
HOW TO GET A VISA OR MASTERCARD
The tips and techniques described in this report are meant to increase the odds for anyone who is absolutely certain they cannot get a Visa/Mastercard through normal channels. You should make every attempt to clean up your credit report by removing negative items and replacing them with positive items. If you have no credit at all, open an account at a local department store. After a few months apply for your bank card. If you are rejected, find out why and correct the problem. If that doesn’t work, cultivate a relationship with your banker. Open other accounts that are easier to obtain. Increase your income. Buy a home. Make yourself a better credit risk on your credit report. Ask a friend or relative to co-sign. After paying off that debt, reapply on your own. Or, the fastest and easiest way to open a Visa or Mastercard account in your own name, is through a secured account.
SECURED CREDIT CARDS
Secured Visa and Mastercard bank cards are issued by savings and loan associations throughout the U.S. The lender will ask you to open a savings account. The funds placed into the savings account are frozen as long as there is an outstanding balance on the credit card. The savings account acts as security against non-payment of charges made against the credit card. Then, in the event a cardholder doesn’t pay, funds from the frozen account can be used to pay off the debt. This method completely reduces any risk to the lender.
Requirements are often lowered by lending institutions that have this program. So if you couldn’t obtain a card through your regular bank, chances are you will receive one through a secured credit card program without a credit check.
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How To Raise $200,000 In 24 Hours
HOW TO RAISE $200,000 IN 24 HOURS
Many people have had opportunities presented to them where quick cash was necessary. Most people are unable to take advantage of the great opportunities because of a lack of cash.
A simple procedure is available whereby you can generate quick cash within 24 hours. The process is easy and quick but requires that you first make the preparation and lay the groundwork for the plan. You can call this plan the banking round robin.
Go to ten banks and tell the loan officer at each that you want to borrow $1000 for 30 days. Upon paying off your loans, wait 30 days and go back to each bank from which you borrowed the original $1000. This time request a larger amount depending on what you think the bank will loan, say $5000. If each bank approves a $5000 loan you will be able to raise $50,000 the second time. Continue this step-by-step process. Each time you go to the bank, ask for a larger amount and a longer pay-back period.
What you are doing, of course, is establishing a millionaires credit rating by the process of repetition. That is, you always pay back the money when it is due, and by being prompt combined with the number of loans you’ve made and PAID, you will have established a very powerful credit rating and relationship with the institutions. In about one year after using this process, you should be able to borrow $20,000 from each bank on your signature. Using ten banks in this plan, you will be able to borrow up to $200,000 on your signature in as little as 24 hours.
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Many people have had opportunities presented to them where quick cash was necessary. Most people are unable to take advantage of the great opportunities because of a lack of cash.
A simple procedure is available whereby you can generate quick cash within 24 hours. The process is easy and quick but requires that you first make the preparation and lay the groundwork for the plan. You can call this plan the banking round robin.
Go to ten banks and tell the loan officer at each that you want to borrow $1000 for 30 days. Upon paying off your loans, wait 30 days and go back to each bank from which you borrowed the original $1000. This time request a larger amount depending on what you think the bank will loan, say $5000. If each bank approves a $5000 loan you will be able to raise $50,000 the second time. Continue this step-by-step process. Each time you go to the bank, ask for a larger amount and a longer pay-back period.
What you are doing, of course, is establishing a millionaires credit rating by the process of repetition. That is, you always pay back the money when it is due, and by being prompt combined with the number of loans you’ve made and PAID, you will have established a very powerful credit rating and relationship with the institutions. In about one year after using this process, you should be able to borrow $20,000 from each bank on your signature. Using ten banks in this plan, you will be able to borrow up to $200,000 on your signature in as little as 24 hours.
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How To Raise Up To $50,000 With Your Credit Cards
HOW TO RAISE UP TO $50,000 WITH YOUR CREDIT CARDS
Millions of people have an assortment of credit cards in today’s almost 'cashless' society. With many bank credit cards, and even department store cards, it is possible to apply under the 'same name' and obtain TWO OR MORE identical cards bearing only different account numbers. Given the high limits on cards such as American Express ($20,000) and others, it is a simple procedure to raise up to $50,000 by utilizing 30 to 40 credit cards, or less if you use American Express. With the bank cards, you simply obtain a 'cash advance' up to your credit limit. With the American Express and Carte Blanche cards, you can charge some merchandise such as gold coins and turn around and sell them at a discount to your friends, neighbors, etc. With enough cards, you can quickly turn any amount of discounted 'merchandise' into cash.
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Millions of people have an assortment of credit cards in today’s almost 'cashless' society. With many bank credit cards, and even department store cards, it is possible to apply under the 'same name' and obtain TWO OR MORE identical cards bearing only different account numbers. Given the high limits on cards such as American Express ($20,000) and others, it is a simple procedure to raise up to $50,000 by utilizing 30 to 40 credit cards, or less if you use American Express. With the bank cards, you simply obtain a 'cash advance' up to your credit limit. With the American Express and Carte Blanche cards, you can charge some merchandise such as gold coins and turn around and sell them at a discount to your friends, neighbors, etc. With enough cards, you can quickly turn any amount of discounted 'merchandise' into cash.
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Lost Or Stolen: Credit And Atm Cards
Lost or Stolen: Credit and ATM Cards
Increasingly, people find it convenient to shop with credit cards or to bank at automated teller machines (ATMs) with ATM cards. But the ease with which these cards can be used also makes them very attractive to thieves.
Loss or theft of credit and ATM cards is a serious consumer problem. However, two federal laws, the Fair Credit Billing Act (FCBA) and the Electronic Fund Transfer Act (EFTA), establish procedures for you and your creditors to follow to resolve problems with credit cards and electronic fund transfer accounts. This brochure explains what to do if any of your cards are missing or stolen, suggests how to protect your cards, and explains what you can expect from a credit card registration or protection service.
Limiting Your Financial Loss
There are at least two good financial reasons for you to report the loss or theft of your credit and ATM cards quickly. First, the sooner you report the loss, the more likely you will limit your liability if someone uses your card without your permission. Most card fraud occurs within the first 48 hours after a card is stolen.
Second, the sooner you report any loss, the more card costs in general can be kept down. You pay higher interest rates and annual fees because card fraud costs issuers hundreds of millions of dollars each year.
If any of your cards are missing or stolen, report the loss as soon as possible to your card issuers. Some companies have toll-free or WATS numbers printed on their statements and 24-hour service to accept such emergency information. For your own protection, you should follow up your phone calls with a letter to each card issuer. The letter should give your card number, say when your card was missing, and mention the date you called in the loss.
You may wish to check your homeowner’s insurance policy to see if it covers your liability for card thefts. If not, some insurance companies will allow you to change your current policy to include protection for card losses.
l Credit Card Loss. If you report the loss before these cards are used, the FCBA says the card issuer cannot hold you responsible for any unauthorized charges. If a thief uses your cards before you report them missing, the most you will owe for unauthorized charges on each card is $50. This is true even if a thief is able to use your credit card at an ATM machine to access your credit card account.
However, it is not enough simply to report your credit card loss. After the card loss, review your billing statements carefully. If your statements show any charges not made by you, send a letter to the card issuer describing each questionable charge on your account. Again, tell the card issuer the date your card was lost or stolen and when you reported it to them. Be sure to send the letter to the address provided for billing errors. Do not send it with a payment or to the address where you send your payments unless you are directed to do so.
l ATM Card Loss. If you report an ATM card missing before it is used without your permission, the EFTA says the card issuer cannot hold you responsible for any unauthorized withdrawals. If unauthorized use occurs before you report it, the amount you can be held responsible for depends upon how quickly you report the loss to the card issuer. For example, if you report the loss within two business days after you realize your card is missing, you will not be responsible for more than $50 for unauthorized use.
However, you could lose as much as $500 because of an unauthorized withdrawal from your bank account if you do not tell the card issuer within the two business days after you discover the loss. And, you risk unlimited loss if, within 60 days after your bank statement is mailed to you, you do not report an unauthorized transfer or withdrawal. That means you could lose all the money in your bank account and the unused portion of your maximum line of credit established for overdrafts.
If any unauthorized transactions appear on your bank statement, report them to the card issuer as soon as you can. As with a credit card, once you have reported the loss of your ATM card you cannot be held liable for additional amounts, even if more unauthorized transactions are made.
Protecting Your Cards
The best protections against card fraud, of course, are to know where your cards are at all times and to keep them secure. For ATM card protection, it is important to keep your Personal Identification Number (PIN) a secret. Memorize this number. Statistics show that in one-third of ATM card frauds, cardholders wrote their PINS on their ATM cards or on slips of paper they kept with their cards.
The following suggestions may help you protect your credit and ATM card accounts.
For credit cards:
l Be cautious about disclosing your account number over the phone unless you know you are dealing with a reputable company.
l Never put your account number on the outside of an envelope or on a postcard.
l Draw a line through blank spaces on charge slips above the total so the amount cannot be changed.
l Do not sign a blank charge slip unless absolutely necessary.
l Rip up carbons from the charge slip and save your receipts to check against your monthly billing statements.
l Open billing statements promptly and compare them with your receipts. If there are any mistakes or differences, report them as soon as possible to the special address listed on the billing statement for 'billing inquiries.' Under the FCBA, the card issuer must investigate billing errors if you report them within 60 days of the date your card issuer mailed you the statement.
l Keep in a safe place (away from where you keep your cards) a record of your card numbers, expiration dates, and the telephone numbers of each credit-card company for the emergency of reporting losses.
l Carry only those cards that you regularly need, especially when traveling.
For ATM cards:
l Select a PIN (personal identification number) that is different from other numbers noted in your wallet, such as your address, birthdate, phone, or social security number.
l Memorize your PIN.
l Do not write your PIN on your ATM card or carry your PIN in your wallet or purse.
l Never put your PIN on the outside of a deposit slip, an envelope, or on a postcard.
l Examine all ATM receipts and bank statements as soon as possible.
Buying a Card Registration Service
Many companies offer card registration and protection services that will notify all companies where you have credit and ATM card accounts in case your card is lost or stolen. With this service, you need make only one phone call to report all card losses instead of calling each card issuer individually. Also, most services will request replacement cards on your behalf. Registration services usually cost $10 to $35 yearly.
Purchasing a card registration may be a convenience to you, but it is not required by card issuers. The FCBA and the EFTA give you the right to contact credit card companies and ATM card issuers directly in the event of loss or suspected unauthorized use.
If you do decide to buy a registration service, compare offers and look for one that will best suit your needs. Read the service contract carefully to check the company’s obligations and your liability. For example, will the company reimburse you if it fails to notify charge card loss promptly after you report the loss? If not, you could be liable for unauthorized charges.
For More Information
For additional information about credit or ATM card fraud or credit card billing problems, send for: Credit and Charge Card Fraud; Fair Credit Billing; or Credit Billing Blues. These brochures are available free. Write to: Public Reference, Federal Trade Commission, Washington, D.C. 20580. The following federal agencies are responsible for enforcing federal laws that govern credit and ATM card transactions.
Questions concerning a particular card issuer should be directed to the enforcement agency responsible for that issuer.
State Member Banks of the Federal Reserve System Consumer and Community Affairs Board of Governors of the Federal Reserve System 20th & C Sts., N.W. Washington, D.C. 20551 National Banks Comptroller of the Currency Compliance Management Mail Stop 7-5 Washington, D.C. 20219
Federal Credit Unions National Credit Union Administration 1776 G St., N.W. Washington, D.C. 20456
Non-Member Federally Insured Banks Office of Consumer Programs Federal Deposit Insurance Corporation 550 Seventeenth St., N.W. Washington, D.C. 20429
Federally Insured Savings and Loans, and Federally Chartered State Banks Consumer Affairs Program Office of Thrift Supervision 1700 G St., N.W. Washington, D.C. 20552
Other Credit Card Issuers (includes retail/gasoline companies) Division of Credit Practices Bureau of Consumer Protection Federal Trade Commission Washington, D.C. 20580
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ContentMart.com
Increasingly, people find it convenient to shop with credit cards or to bank at automated teller machines (ATMs) with ATM cards. But the ease with which these cards can be used also makes them very attractive to thieves.
Loss or theft of credit and ATM cards is a serious consumer problem. However, two federal laws, the Fair Credit Billing Act (FCBA) and the Electronic Fund Transfer Act (EFTA), establish procedures for you and your creditors to follow to resolve problems with credit cards and electronic fund transfer accounts. This brochure explains what to do if any of your cards are missing or stolen, suggests how to protect your cards, and explains what you can expect from a credit card registration or protection service.
Limiting Your Financial Loss
There are at least two good financial reasons for you to report the loss or theft of your credit and ATM cards quickly. First, the sooner you report the loss, the more likely you will limit your liability if someone uses your card without your permission. Most card fraud occurs within the first 48 hours after a card is stolen.
Second, the sooner you report any loss, the more card costs in general can be kept down. You pay higher interest rates and annual fees because card fraud costs issuers hundreds of millions of dollars each year.
If any of your cards are missing or stolen, report the loss as soon as possible to your card issuers. Some companies have toll-free or WATS numbers printed on their statements and 24-hour service to accept such emergency information. For your own protection, you should follow up your phone calls with a letter to each card issuer. The letter should give your card number, say when your card was missing, and mention the date you called in the loss.
You may wish to check your homeowner’s insurance policy to see if it covers your liability for card thefts. If not, some insurance companies will allow you to change your current policy to include protection for card losses.
l Credit Card Loss. If you report the loss before these cards are used, the FCBA says the card issuer cannot hold you responsible for any unauthorized charges. If a thief uses your cards before you report them missing, the most you will owe for unauthorized charges on each card is $50. This is true even if a thief is able to use your credit card at an ATM machine to access your credit card account.
However, it is not enough simply to report your credit card loss. After the card loss, review your billing statements carefully. If your statements show any charges not made by you, send a letter to the card issuer describing each questionable charge on your account. Again, tell the card issuer the date your card was lost or stolen and when you reported it to them. Be sure to send the letter to the address provided for billing errors. Do not send it with a payment or to the address where you send your payments unless you are directed to do so.
l ATM Card Loss. If you report an ATM card missing before it is used without your permission, the EFTA says the card issuer cannot hold you responsible for any unauthorized withdrawals. If unauthorized use occurs before you report it, the amount you can be held responsible for depends upon how quickly you report the loss to the card issuer. For example, if you report the loss within two business days after you realize your card is missing, you will not be responsible for more than $50 for unauthorized use.
However, you could lose as much as $500 because of an unauthorized withdrawal from your bank account if you do not tell the card issuer within the two business days after you discover the loss. And, you risk unlimited loss if, within 60 days after your bank statement is mailed to you, you do not report an unauthorized transfer or withdrawal. That means you could lose all the money in your bank account and the unused portion of your maximum line of credit established for overdrafts.
If any unauthorized transactions appear on your bank statement, report them to the card issuer as soon as you can. As with a credit card, once you have reported the loss of your ATM card you cannot be held liable for additional amounts, even if more unauthorized transactions are made.
Protecting Your Cards
The best protections against card fraud, of course, are to know where your cards are at all times and to keep them secure. For ATM card protection, it is important to keep your Personal Identification Number (PIN) a secret. Memorize this number. Statistics show that in one-third of ATM card frauds, cardholders wrote their PINS on their ATM cards or on slips of paper they kept with their cards.
The following suggestions may help you protect your credit and ATM card accounts.
For credit cards:
l Be cautious about disclosing your account number over the phone unless you know you are dealing with a reputable company.
l Never put your account number on the outside of an envelope or on a postcard.
l Draw a line through blank spaces on charge slips above the total so the amount cannot be changed.
l Do not sign a blank charge slip unless absolutely necessary.
l Rip up carbons from the charge slip and save your receipts to check against your monthly billing statements.
l Open billing statements promptly and compare them with your receipts. If there are any mistakes or differences, report them as soon as possible to the special address listed on the billing statement for 'billing inquiries.' Under the FCBA, the card issuer must investigate billing errors if you report them within 60 days of the date your card issuer mailed you the statement.
l Keep in a safe place (away from where you keep your cards) a record of your card numbers, expiration dates, and the telephone numbers of each credit-card company for the emergency of reporting losses.
l Carry only those cards that you regularly need, especially when traveling.
For ATM cards:
l Select a PIN (personal identification number) that is different from other numbers noted in your wallet, such as your address, birthdate, phone, or social security number.
l Memorize your PIN.
l Do not write your PIN on your ATM card or carry your PIN in your wallet or purse.
l Never put your PIN on the outside of a deposit slip, an envelope, or on a postcard.
l Examine all ATM receipts and bank statements as soon as possible.
Buying a Card Registration Service
Many companies offer card registration and protection services that will notify all companies where you have credit and ATM card accounts in case your card is lost or stolen. With this service, you need make only one phone call to report all card losses instead of calling each card issuer individually. Also, most services will request replacement cards on your behalf. Registration services usually cost $10 to $35 yearly.
Purchasing a card registration may be a convenience to you, but it is not required by card issuers. The FCBA and the EFTA give you the right to contact credit card companies and ATM card issuers directly in the event of loss or suspected unauthorized use.
If you do decide to buy a registration service, compare offers and look for one that will best suit your needs. Read the service contract carefully to check the company’s obligations and your liability. For example, will the company reimburse you if it fails to notify charge card loss promptly after you report the loss? If not, you could be liable for unauthorized charges.
For More Information
For additional information about credit or ATM card fraud or credit card billing problems, send for: Credit and Charge Card Fraud; Fair Credit Billing; or Credit Billing Blues. These brochures are available free. Write to: Public Reference, Federal Trade Commission, Washington, D.C. 20580. The following federal agencies are responsible for enforcing federal laws that govern credit and ATM card transactions.
Questions concerning a particular card issuer should be directed to the enforcement agency responsible for that issuer.
State Member Banks of the Federal Reserve System Consumer and Community Affairs Board of Governors of the Federal Reserve System 20th & C Sts., N.W. Washington, D.C. 20551 National Banks Comptroller of the Currency Compliance Management Mail Stop 7-5 Washington, D.C. 20219
Federal Credit Unions National Credit Union Administration 1776 G St., N.W. Washington, D.C. 20456
Non-Member Federally Insured Banks Office of Consumer Programs Federal Deposit Insurance Corporation 550 Seventeenth St., N.W. Washington, D.C. 20429
Federally Insured Savings and Loans, and Federally Chartered State Banks Consumer Affairs Program Office of Thrift Supervision 1700 G St., N.W. Washington, D.C. 20552
Other Credit Card Issuers (includes retail/gasoline companies) Division of Credit Practices Bureau of Consumer Protection Federal Trade Commission Washington, D.C. 20580
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Your Money Guide To Free Government Grants
Anyone thinking about going into business for themselves, or wanting to expand an existing business should rush for the world’s largest 'one-stop-money-shop' where FREE MONEY to start or expand a business is being held for you by the Federal Government.
It sounds absolutely incredible that people living right here in the United States of America wouldn’t know that each year the world’s largest source of free business help delivers:
* over $30 billion dollars in free grants and low-interest loans;
* over one-half trillion dollars in procurement contracts; and
* over $32 billion dollars in FREE consulting and research grants.
With an economy that remains unpredictable, and a need for even greater economic development on all fronts, the federal government is more willing than it ever has been before to give you the money you need to own your own business and become your own boss!
In spite of the perception that people should not look to the government for help, the great government give-away programs have remained so incredibly huge that if each of the approximately 8 million businesses applied for an equal share, they would each receive over $70,000.
Most people never apply for a FREE GRANT because they somehow feel it isn’t for them, feel there’s too much red-tape, or simply don’t know who to contact. The fact is, however, that people form all walks of life do receive FREE GRANT MONEY and other benefits from the government, and you should also.
HOW TO FIND FUNDING SOURCES WORTH BILLIONS
As with all grant seeking, the key to obtaining grants is preparation and a knowledge about funding sources. Preparation means identifying programs that are available, and then determining if you fall within their restrictions.
The following sources will be invaluable to you in locating thousands of sources of FREE MONEY!
FEDERAL REGISTER: This daily publication contains changes, proposed changes, and notices about rules and regulations affecting all government agencies and their programs. Federal agencies must publish the program description, eligibility requirements, and program guidelines in the Federal Register. For current subscription costs write to: Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402.
CATALOG OF FEDERAL DOMESTIC ASSISTANCE: This publication lists a complete description of every program in the federal government that makes funds available to private business. Write to the U.S. Government Printing Office, Washington, DC 20402.
COMMERCE BUSINESS DAILY: This publication contains a daily listing of U.S. Government procurement invitations, contract awards, subcontracting leads, sales of surplus property, and foreign business opportunities. For current annual subscriptions costs write to the Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402.
FREE FEDERAL MONEY GIVEN AWAY TO ASSIST BUSINESSES
GRANT MONEY FOR BUSINESSES IN POOR ECONOMIC AREAS: Contact the Economic Adjustment Division, Director, Economic Development Administration, Herbert Hoover Bldg., Rm. H7217, Washington, DC 20230.
GRANT MONEY FOR MINORITY BUSINESS DEVELOPMENT: Grants are awarded up to $2 million dollars to stimulate growth. Contact the Minority Business Development Agency, Department of Commerce, Washington, DC 20230.
FREE MONEY TO PROVIDE ASSISTANCE TO ECONOMICALLY DISADVANTAGED BUSINESSES: Management and technical assistance is provided free to disadvantaged businesses. Contact the Associate Administrator for Small Business, 1441 L Street, NW, Rm. 602, Washington, DC 20416.
GRANT MONEY FOR INVESTORS IN RENTAL APARTMENT BUILDINGS WHO ARE IN FINANCIAL TROUBLE: Contact the Chief, Program Support Branch, Management Operations Division, Office of Multi-Family Housing Management, Department of Housing and Development, Washington, DC 20420.
GRANT MONEY FOR WOMEN’S ENTERPRISES: Up to $200,000 dollar grants are awarded to women in business annually. Contact the Office of Women’s Business Ownership, U.S. Small Business Administration, 409 Third Street, SW, Washington, DC 20416.
GRANT MONEY FOR REAL ESTATE INVESTORS WHO RENT TO ELDERLY OR HANDICAPPED PEOPLE: Contact the Director, Office of Multi-Family Housing Management, Dept. of Housing and Urban Development, Washington, DC 20410.
GRANT MONEY FOR INDIAN-OWNED BUSINESSES: Contact the office of Tribal Servies, Bureau of Indian Affairs, 1849 C Street NW, MS #4603-MIB, Washington, DC 20240.
FREE STATE GRANT MONEY
There simply isn’t enough room in this report to begin listing all the FREE MONEY programs that are available from the federal and state governments. We can tell you however, the general types of programs that are available and where to begin.
As you contact different agencies for grant money, learn not to accept 'no' as a final answer. There are so many new programs being offered each year that often an agency’s own employees won’t be aware they are offering the one you ask about. If being persistent doesn’t help, get in touch with your congressman and let them track down a program that meets your needs.
TYPES OF PROGRAMS AVAILABLE THROUGH STATE AND FEDERAL AGENCIES
FREE MONEY: Usually through direct grants that do not have to be paid back.
BUSINESS CONSULTING: Free management advice is offered on almost every business subject by the Department of Economic Development to minimize new business start-up management costs.
BUSINESS SITE SELECTION: State hired specialists are available to assist new entrepreneurs select the best possible location for their new business.
MANAGEMENT TRAINING: Most states will assign specialists to work with a new business with one-on-one management training.
EMPLOYEE TRAINING ASSISTANCE: This program provides FREE MONEY to train employees. FREE MONEY is also available to send employees to school.R
ESEARCH & DEVELOPMENT GRANTS: FREE MONEY is available to attract high-tech related companies.
PROGRAM CONSULTANTS: States have highly trained management consultants who will locate Federal Grant Programs and help you through the application Process.
FORMS & DOCUMENTS: State professionals will help a new business owner apply for permits, licenses, or any other legal document a business may require.
VENTURE CAPITAL FINANCING: This method can provide FREE MONEY in the sense you wouldn’t have to pay it back. You would, however, probably have to give up part of the ownership of your business in order to receive financing. Most states have their own venture capital finance terms that invest in high risk businesses.
MINORITIES & WOMEN: FREE MONEY grants are available in most states for women or minorities who want to start a business.
LOW INTEREST LOANS: A state may raise money through industrial revenue bonds to buy your fixed-asset equipment. The public, which invests in these bonds, do not pay taxes on the earned interest. When a low interest loan is granted, the states does not guarantee that investors will get their money back if the business fails. If a state issues a general obligation bond, a public investment is then guaranteed. The states will also make direct loans at low interest, or even co-sign a commercial bank loan. If a state co-signs a loan for you, it may subsidize your interest and reduce an already low-interest rate lower yet.
SMALL BUSINESS DEVELOPMENT CENTERS
Every state has Small Business Development Centers who can match you up with the right FREE MONEY grant program. All development centers offer free counseling to anyone wishing to start or expand a business. Their services are varied but include: FREE seminars, workshops, business planning, feasibility studies, marketing research, management analysis, sales technique, financing, exporting, inventory control, accounting, record keeping, and grant applications. Whatever your questions about FREE MONEY grants or starting a business, refer to your telephone directory under State Offices and contact your Small Business Development Center.
GETTING FREE MONEY FROM VENTURE CAPITAL SOURCES
A venture capital company is another source for FREE MONEY in financing your business plans. But since they are willing to assume some risk by investing in your business, they also expect some equity in the business itself.
Venture capital companies invest in projects they feel will be successful and bring a return on their investment. If you are interested in asking a venture capital company to invest in your business refer to your telephone directory under Venture Capital Companies or Investment Companies, and contact those who are in the same area you want to start your project in.
SMALL BUSINESS INVESTMENT COMPANIES
Small business investment companies can provide your business with the capital it needs by; 1) giving you a free loan; 2) making a stock investment in your business; or 3) offering a combination of the two.
Small business investment companies are in the business of making money just like any other business. The biggest difference between them and another investor is:
1) They are privately managed firms who are licensed and partially financed by the federal government’s Small Business Administration.
2) All of its transactions are regulated by the government.
3) Their success depends on the growth and profits of companies they own stock in. They often give money in exchange for stocks.
4) Their loans usually carry lower interest rates than commercial banks.
5) Straight loans repayments are carried over a longer period of time.
6) Most businesses are eligible, especially if they are 50% minority owned.
For a complete listing of the thousands of Small Business Investment Companies, visit your local library and ask for the SBIC Catalog. Study the catalog and note the companies that specialize in your area of interest. Then write them and request more information on what they have to offer.
WRITING A SUCCESSFUL GRANT APPLICATION
To write a successful grant application for FREE MONEY it should be well planned. You should be familiar with exactly how a particular agency prefers to have their grant proposals completed. If you have to prior experience in writing grant proposals, this is another area where your State Small Business Development Centers can help.
WORK CLOSELY WITH THE FREE MONEY GRANTOR AGENCY
Once you decide which government agency you want FREE MON_EY from, contact them and ask for a grant application kit. Get to know some of the grantor agency personnel. Experts love to talk about their programs, so ask for advice, suggestions, and criticisms about your proposed project.
In most cases, the more an agency knows about your grant proposal, the better your chances will be of getting support from the personnel who ultimately approve your FREE MONEY request.
Often it is a grantor’s advantage to send their grant proposal summary to an agency official they have developed a contact relationship with, and ask them to review and return it to you with their comments. Be certain this approach is acceptable with your agency contact. You wouldn’t want a first draft mistakenly processed before it was finished.
Making a personal visit to the agency’s office in your area is also important. Face to face contact will help you understand eligibility requirements, deadlines, maximum FREE MONEY amounts you can apply for, and other details you want to know about. You can also utilize an agency’s library and determine through books, brochures, and conversation if there are other agencies you could apply to for FREE MONEY. There is nothing that says you can’t apply for two, three, or more FREE MONEY grants at one time!
ESTABLISH YOUR OWN PROFESSIONAL NETWORK
Do some networking and maintain continuous contact with people who can gather information for you about FREE MONEY GRANTS. Nothing can be substituted for personal contact with the decision makers who are in charge of grant programs. Learn to use your personal influence (and theirs) to achieve your goals.
The U.S. Government Printing Office maintains a wealth of information that people never take advantage of! Write to them and ask for a copy of the 'U.S. Government Directory' and ask for a list of books, brochures, and documents that covers your field of interest. Tell them you are especially interested in obtaining information about FREE FEDERAL MONEY that’s available to private citizens.
Remember, 'FREE FEDERAL MONEY' doesn’t mean you have to travel to Washington, DC. It just means finding out where the agencies are within your own states and local governments. The contacts you want to make may only be minutes away.
Thank !!!!
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