by Laura Adams
One of the most common topics that Money Girl readers and podcast listeners ask me about is credit. So I decided to do a roundup of the most frequently asked credit questions. I’ll cover 5 questions here and 20 more in a video over at SmartMovesToGrowRich.com. Today’s Sponsor: MozyPro Online Backup: Simple, Automatic & Secure Backup
Question #1: Will Paying Off a Balance in Collections Increase My Credit Score?
Collection agencies specialize in pursuing delinquent debts either as agents for creditors or by purchasing debt and then attempting to collect it. Never ignore a debt so long that it gets turned over to a collections agency because that will definitely cause your credit score to plummet. Kay asks: I checked my credit score and saw that it dropped over 120 points due to a small balance that just went to collections. If I Read more…
Among the many changes brought on by the Health Care Act of 2010, Code Sec. 45R, the Small Employer Health Care Credit (the Credit), was designed to encourage small business employers to provide coverage to their employees. However, businesses have been left with several questions as to the specific requirements for eligibility and filing to claim the Credit.
Eligible Businesses An eligible business is defined as a business that has fewer than 25 “full-time equivalent” (FTE) employees and pays average wages of $50,000 per year or less. An FTE calculation will take into account aggregate hours worked by part-time employees in determining eligibility. Seasonal workers, defined as an employee that works fewer than 120 days out of the year for an employer, are not included in calculating FTEs.
To determine average wages, employers must include all wages, compensation and commissions including overtime, bonuses, vacation and sick leave. Emp
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Obtaining credit has become a little more difficult due to recent events in the financial markets, but most people will have no problem obtaining the credit that they desire. Depending on their actions in the years prior to applying for credit, they will either be easily approved for credit by the credit card company or the company offering personal loans for people with no credit or denied quickly. The final decision will depend on the person’s credit score and their credit report.
Credit Report
A credit report is an electronic record of the way a person uses their credit and manages their payment obligations. A credit report will include records of all credit accounts opened by the person, their payment record on their credit accounts, and their payment record on other bills. A
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