Understanding Credit Inquiries

This is a very talked about topic here.  Credit Inquiries, many people so misled about Credit Inquiries that they don't even know whats on there credit report because there afraid to check it.  Lets start with what a Inquiry is.  A inquiry is exactly what it says, its an inquiry, an inquiry about your credit history, for creditors or landlords, or jobs or even car rental companies to check on your credit background.  Now understand that there's two kinds of credit inquiries, the Hard Inquiry and the soft inquiry.

Hard Inquiry:

The hard inquiry is made form creditors looking to check on your credit history for a loan, credit card, or rental approval and more.  This kind of inquiry is a hard inquiry because it decreases your credit score.  Now even though this decreases your credit score if you get the loan or credit card, or apartment rental or mortgage, it doesn't look bad on your report, because you applied for an auto loan and you got it. Unlike if you applied for an auto loan like 3-5 times and didn't get the loan, that's bad.  Makes other or new creditors your trying to get, look at your report as if something is wrong with this picture.

Soft Inquiry:

The soft pull.  The soft pull is normally made by you yourself checking your credit report and sometimes some creditors doing a credit limit increase or a Pre-approval for a credit card or store card.  This Inquiry does not effect your credit score. Don't be afraid to ask some creditors if they do soft pulls or not.  Some credit grantors such as Walmart, Khol's, and others that do soft pulls due to a pre approval system they are associated with.  You can put your self in this system which is basically opting your self in to be able to possibly get a Pre-approval on credit.

Now also do understand that every creditor that pulls a report  and makes an inquiry does not do it to all 3 of your credit bureaus.  Some creditors only pull one bureau or maybe 2 sometimes.  You normally get all 3 pulled and an inquiry done on all 3 when your looking to get a mortgage done.  So this is a nice clue to you that 2 of your credit bureau reports are high in inquiries and your looking  to go get a auto loan, maybe you should go to a bank or creditor that will pull the bureau that has the least inquiries.

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The Come-Up Compilation Ebook:

http://www.tradebit.com/filedetail.php/222443902-the-come-up-compilation

Blue Mitzi 

How To Start A Business

This is the first part of a series of videos that will explain in detail How To Stat A Business.  I will be taking a trip into the world of starting a business from beginning to the en, and the end being actually getting funding for the business.

In this first part, I will start with letting you know that even though you may have dreams about a idea or product that you think is going to sell millions, you may want to start out with opening up a business that, is fund-able, and when I say fund-able, I mean A business that creditors will want to give financing or credit to.  This is a very important stage, because this can make or break a company.

Do you know what an SIC Code is? Most people don't.  An SIC code is a six digit code that breaks down the kind of business you are in.  If you are looking to stop using your personal credit to run your business and fund your ideas, this code needs to be one that is considered fund-able. This code can make or break a company that is depending on getting financing or credit.  With the wrong SIC code you can be denied credit based on your business solely and will have to depend on your personal credit.  In The Come-Up Compilation Ebook, there is a list of the Top 10 SIC Codes to use, when one of the companies main goal is to acquire funding. Just to put it out there, A company that I have always had my eye on is a cell phone store, see the cellular industry is a great industry to get into; its not going anywhere right now, and not only that you can offer other services that will help bring you more revenue such as cell phone repair, and Computer repair.  

After this point I would choose 3 names I want for my business and head to my states website to do A Business Entity Search.  After in-putting the names in the Entity search and none of them comes up; I can choose my name that I want out of those 3.  Now I would start looking for the certificate or articles  of Incorporation to fill out.  There is a video and post on How To Incorporate A Business Or Corporation, at www.itsmapps.com or www.itsmapps.blogpost.com, stay tuned for the other videos, give your comments and questions.

www.itsmapps.com
www.itsmapps.blogspot.com
The Come-Up Compilation Ebook
Blue Mitzi
Mapps Clothing
http://www.youtube.com/watch?v=Mjq64tuIM-g&feature=player_detailpage

How To Obtain An EIN Number For Your Business

This step of applying for an EIN number is very serious and important but also very easy in starting up your own business or company.  This is what you will need to do, is after completing the incorporation process, you will need to go to either the IRS website which:

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-%28EIN%29-Online

or call at: 1-800-829-4933

After contacting them VIA: Phone, they will ask you a series of questions and then issue your number to you, as well as send you a copy, via mail.

Online is the same thing except its automated, you will be asked a series of questions, answer them to your best ability, and then you will be issued the EIN number Via Email in PDF form.  Make sure you save it.lol

There is also a step by step video that goes along with this post, so look for that as well ,for those who are more of the visual types, like myself.

www.itsmapps.com
itsmapps.blogspot.com
Blue Mitzi
Mapps Clothing