Business
How to Build Credit Without Taking Out a Loan


You may think your credit score is tabulated according to how responsible you are when paying off debt. But loan repayment isn’t the only way the credit reporting bureaus assess your financial responsibility. Your score comprises several factors across your financial picture, and loans are just one of them.
If you want to better your credit score, there are many ways to do so without taking out a loan. To make lasting improvements, though, you need to understand how your financial habits influence your score. Here’s how to move the levers of your credit score while avoiding making unnecessary financial moves.
1. Maximize Your Impact on the Most Powerful Credit Factors
Your credit score takes five factors into account: payment history, credit utilization, credit mix, account age, and new credit. Your efforts to optimize these factors, which range from 35% to 10% in impact, can result in a noteworthy score improvement.
Scan your credit report to see what factors are working against you so you know what to focus on first. If you’re bad at paying bills on time, set up auto-pay whenever you can. You’ll fulfill your minimum payment requirements and build a history of on-time payments, which drives 35% of your score.
If your credit profile is lacking, you may be tempted to take out a loan. But doing so can require a score-reducing hard inquiry from a lender to assess your creditworthiness. Instead, consider getting a credit builder card to boost your score by improving your credit mix and payment history. Usually, these cards don’t require a hard inquiry and appear on your credit report as a variable line of credit. Plus, your on-time payments will continue to boost your biggest factor.
2. Use Your Conversation Skills to Improve Your Position
While your financial behaviors have the most impact on your score, there are other ways of making improvements. But to take advantage of this approach, you’ve got to be willing to make a few phone calls. Reach out to the financial institutions and companies you do business with over the next few weeks. Ask to speak to the loyalty department, and be ready to discuss your customer history and interest in improving your account relationship.
When you call your credit card issuer, prepare yourself by knowing how long you’ve been a customer. This important detail can help convey your loyalty when you ask for an interest rate reduction. Ideally, you’ve been paying off your balance in full each month. But if you haven’t, reducing your rate can help your payments lower your overall balance instead of feeding interest. Sometimes, card companies can even offer you a promotional rate, which can help accelerate your debt payoff.
Contact your television, internet, and phone providers to ask about loyalty discounts and other savings opportunities. Generally, entertainment providers are willing to compete for your continued loyalty by passing along discounts to longtime customers. If no discount or cost-savings measure is offered, ask about the process to close your account. Sometimes, a simple mention of ending the relationship gives the representative the leeway to reduce your fee. Use your found money to reduce debt and improve your credit utilization rate, which contributes to 30% of your score.
3. Monitor Your Credit Score Improvements to Keep You Motivated
Your credit score goals may be arbitrary, driven by what the bureaus view as an “excellent” score. Other times, you may target a score that opens up the opportunity for a financial product like a home loan. Whatever your motivation, it’s important to benchmark your current score, identify a goal, and track your progress. Post your target score on your fridge or office whiteboard as a visual reminder of your goal.
Check your score monthly to view your progress and log it into a spreadsheet or on your whiteboard. If it dips, research why and make changes to get yourself back on track. Remember, the financial institutions you do business with report your data to the bureaus on varying schedules. A high balance on your credit card right before your bill due date could skew your score. Making a mid-month payment can reduce that figure and, with it, your credit utilization ratio.
4. Consider Your Score Before You Make a Financial Move
The excitement of buying something new creates a dopamine rush like no other. If you were looking to lift your mood during the pandemic, you may have given into retail therapy too frequently. Instead of beating yourself up over past mistakes, adopt a practice that helps you keep your goals at the forefront.
You’ve already posted your target score and progress where you can see them. Now, it’s time to develop a “pause and think” practice. While it may feel funny at first, this simple trick can help you rewire your decision-making habits. Shifting from acting and then thinking to a practice of considering before acting can have wide-reaching benefits. Soon, you’ll be prioritizing your goals before making choices large and small, putting you back in control.
This pause-and-consider approach can stop you before you make a move that can damage your credit. For example, student loan refinancing offers are full of attractive rates and promises to frustrated borrowers in need of a break. Checking out your offer often requires a hard inquiry, without the promise of approval or better interest rates. One thoughtless move can ding your score with a hard inquiry with no benefit to show for it. Avoid unnecessary scars to your score by pausing before making a decision and reviewing your goals and needs first.
Good credit is a prerequisite for realizing many goals in life. A new set of wheels, your first home, or your dream job could all depend on proving your creditworthiness. Fortunately, there are many ways to demonstrate financial responsibility that don’t involve taking out a loan. Focus on optimizing the factors that make up your score and don’t discount the importance of thinking before you make financial moves. Stay the course, aim for consistent improvement, and your credit score will be on the upswing in no time.
Business
The Safety Precautions an Employer Must Take to Avoid Accidents in a Construction Site


Depending on their profession or sector, all employers are bound to ensure the well-being and security of their employees. And regrettably, the sector with the most casualties every year is frequently the construction sector. Construction sites are pretty dangerous for any individual or even a worker to just walk in like that. Hundreds of employees suffer injuries on construction sites each year. It becomes crucial to take precautionary measures to prevent anyone from getting hurt suddenly.
In order to prevail safety and prevent any injury due to a construction accident, an employer must follow a few safety precautions like environmental factors, use of PPE, and so on while working. And these measures must be implemented from the beginning of a project until the mission is accomplished and the site is no longer a danger zone.
The Essential Safety Precautions an Employer Must Consider During On-Site Construction
Construction projects are well known as some of the riskiest places to work. Workforces’ well-being and security should come first at worksites, where protection is one of the contractors’ primary responsibilities. Check out the points below to learn about the safety measures employers must follow in every construction activity to prevent any mishaps from taking place.
Site Safety
Access restrictions should not just be implemented to safeguard equipment against damage or burglary. Safety is vital both during and after working time to protect pedestrians from possible construction pitfalls. This measure includes keeping an eye on things or granting access to visitors. In case of a security violation or unauthorized access, stringent privacy and safety methods will help shield employers from obligation and breach of duty.
First Aid Kits
It is of utmost importance for every construction site to have a ready supply of first aid kits accessible immediately in time of need. The personnel responsible for providing first aid should ideally be on duty throughout business hours. To guarantee that help is always available when needed, the number of kits and officials should match the building site’s size and the project’s scope.
Personal Protective Equipment
Also known as PPE, these consist of various safety devices that a worker must wear while working on a construction site, namely safety boots, gloves, helmets for head protection, etc. There can be the occurrence of unforeseen incidents at the construction site, like any harmful gas leakage, a major machinery breakdown, or a fire outbreak. So, in order to maintain everyone’s safety on the site, an employer has to provide such equipment to the workers or laborers.
Safety Signals
On a worksite, each sign needs to be easily seen. Contract management officials should post alerts, safety, and warning signs wherever required to increase awareness and draw attention to crucial hazards for staff and passersby. For everybody’s security and well-being, this safety advice is essential. It is necessary to have distinct exit and entry points, and their proper use must be put in place to ensure a secure working atmosphere.
Environmental Circumstances
Severe weather patterns can pose significant safety risks. If you encounter any natural calamities, extreme weather, or other emergencies, your on-site emergency strategy should explicitly outline how employees should cease to operate.
Conclusion
Construction crews face more prevalent and severe threats than other sector employees during the task at hand. Construction sites are full of hazardous equipment, situations, dangers, and substances that, if not watched over carefully, can result in serious to fatal injuries. Workplaces can successfully reduce the risk of injury or worse by using secure equipment, chemical products, toolkits, and other precautions.
Business
Facilities you can enjoy under Bank Savings Accounts


Savings Accounts are provided by public and private sector banks today. You can use them to park and grow your savings gradually. You should open one the moment you start earning if you already do not have one. While some organisations offer you an account to deposit the salary called Salary Account, you should also consider Savings Accounts through which you can avail a host of facilities.
Here are some of the most generic facilities banks offer under a Savings Account:
Conduct daily transactions
The most basic feature is that the account enables you to conduct different daily transactions. There is no upper cap on the amount you can deposit in this account. You can deposit funds through cash, cheques, or online transactions. However, banks have a daily withdrawal limit on such accounts. Typically, the withdrawal limits are higher when you withdraw money from your bank branch than from ATMs.
Comes with ATM or Debit Cards
Every Indian bank offers a Debit or ATM Card when you open Savings Account. This card features your name, along with a 16-digit number, the expiry or validity date on the front and a CVV number with a signature strip on the back. You can use it to withdraw money from any ATM vestibule. However, you also need to check the number of ATM transactions you can make from home or other banks.
Besides withdrawing cash at ATMs, you can use the card for shopping at retail stores and online websites. You can also use them to pay utility bills online.
Avail of Online Banking facilities
The best part about opening accounts online is you can access other Online Banking mediums. You can check them over the bank website or the Banking app and do transactions. The bank offers a default login and Online Banking password that you should change before you start transacting. You can use the account to transfer funds to other accounts through IMPS, NEFT and RTGS.
You can also pay utility bills, house rent, Loan EMIs, and other monthly expenses, directly through such accounts.
Earn better interest rates
All banks offer decent Savings Account interest rates. These are generally considered as a bonus for your loyalty towards the bank. While most banks offer a flat interest rate on the savings parked, a few offer higher interest rates to those who have maintained a higher balance or opened an account online. The amount maintained should be Rs. 1 lakh always.
The interest rates offered are between 4% to 7% depending on the bank and the savings parked. Also, the interest pay-out happens on a half-yearly or annual basis.
While opening the Savings Account with a bank, also ask about different accounts you can open. Nowadays, banks offer Savings Accounts catering to different genders and age groups.
Business
3 Common Mistakes To Avoid While Selling Your Business Online


Having set up your enterprise by putting in the time, sweat, and capital it requires, you may now be considering selling it. The eCommerce boom of recent years, and the positive outlook for the future, have created a suitable environment for you to sell your business online for handsome rewards.
Selling your business online requires patience and careful consideration of various factors. Skipping the sequence of steps, impatience or anxiety-driven decisions, and oversight can be hazardous and reduce your potential proceeds from the sale. If you’re contemplating “how to sell my business online seamlessly and for maximum profits” then here are the common pitfalls you need to avoid.
Not knowing the true value of your online business
Undervaluing your online business for sale is one of the most common concerns that go through an entrepreneur’s mind. This has a direct correlation with the returns you will earn from the sale and selling it for lesser than its true value is bound to lead to a seller’s remorse later on. An equally perilous situation is overvaluing your business.
This happens more often than you may realize. As the creator of your own enterprise, it is easy to be swayed by emotions and ignores hard facts and figures while sell my business online. Overvaluation can lead to a lowered interest from potential buyers and even deter many from approaching you for further discussions. Moreover, combined with rigidity on price, it can also lead to long stalemates during the negotiation phase.
How to avoid this mistake – Sellers are recommended to get a formal business valuation done by professionals to establish the fair market value of your enterprise based on their industry experience. If doing it yourself, derive the worth of your business by carefully studying your past and present financial statements, understanding your operational performance, and evaluating your future growth prospects.
Not developing an exit plan
Before you sell my business online, you must already have an exit strategy in place. This exit plan is not created arbitrarily but is an offshoot of various factors such as your personal/professional objectives post the sale, your future aspirations (whether you wish to return to the segment or not), and the people relying on you (like employees, suppliers, etc.).
A carefully considered exit plan ensures there are no loose ends, and when you finally transfer the ownership all legal, contractual, financial, regulatory, and human obligations are catered to. But a plan is only fruitful if it is adhered to diligently. There may come several situations during the course of selling your business online, when you may be tempted to forego the plan and play it by ear. Resist that urge, and stick to the plan that has been holistically designed after putting in a lot of thought.
How to avoid this mistake – Make a draft of all the key affected aspects during the transfer of ownership. Notable ones include technical infrastructure, intellectual property rights, employee retention or rebadging, the continuation of supplier contracts, lease agreements, etc. Your exit plan should have a clear path for each of the identified factors and a mitigation plan for the associated risks.
Overconfidence and ‘going it alone’
If you have decided to sell my business online, then you must know the large amount of paperwork that you will need to deal with. Whether you’re selling for the first time or seasoned in the process, the undertaking will consume a massive portion of your time and effort. There are also several hurdles that you may encounter along the way, all of which will take your mind away from your core business. It is important to recognize this from the beginning and plan for it.
Right from preparing your business for sale to the conclusion of the negotiations phase, you will encounter various facets that require business, financial, legal, and contractual acumen. While you may be accomplished at wearing multiple hats, taking over all the specialist roles can be a recipe for disaster. Not only can it overwhelm you, but it can also lead to short selling or stagnating the sale, neither of which is a desirable outcome.
How to avoid this mistake – Employing the services of a broker or a team of domain experts can significantly reduce the load on your shoulders while ensuring you receive the fair-market price for your business and are paid on time. Yes, there may be a fee or brokerage involved in availing these services, but the overall benefit is likely to outweigh the cost. Do your own cost-benefit analysis before deciding.
You can also opt to sell my business online to an acquiring firm that will conduct a thorough evaluation of your business, establish its market value, and take it over in a seamless manner. Not only do you get the price you deserve, you also save on a lot of overheads associated with selling my business online and avoid the stress involved in the process.
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