How To Get All The Unsecured Line of Credit Opportunities You Can Afford

Before getting an unsecured line of credit these 2 steps and 3 principles will help you to AVOID…

  • Missing payments

  • Destroying your personal credit and

  • Squashing your quest for financial support

Step # 1 - Make sure you can afford it first.

How do you do that?

Leverage is the great benefit of borrowing money. But you still must budget to be certain you can afford your financing right?

Well then, how come no one has taught you how to calculate the minimum payment on an unsecured line of credit - like a credit card?

It can be ever so frustrating to wait 30 – 45 days for a bill to come in the mail before you know exactly how much your minimum payment will be.

Haven’t you ever wanted to be able to calculate in advance your minimum payment on your credit cards and other unsecured lines of credit?

The ability to budget for your financing is especially important when you’re running a business.

So I’m going to teach you how to do the math for your credit cards whether business or personal. Here’s…

Your Questions

How can I make sure I can afford the monthly payment on my unsecured line of credit?

How can I get as many unsecured lines of credit as I want without signing my personal name on the bottom line?

Real Answers

How can I make sure I can afford the monthly payment on my unsecured line of credit?

Principle #1

First, recognize that for most credit cards and lines of credit, you will only be charged interest on the balance that you’ve spent.

For example, if you have a $100,000 credit limit but you’re only spending $50,000...

Then you have to pay interest on $50,000.

Principle #2

Second, you have to look at if you’re being charged interest at all or if you’re still in an introductory period with 0% interest for 6-21 months or so.

Here’s a very important side point on these type of introductory periods.

(Most people don’t know that if you have any balance on your card the day that the introductory period ends...

They will actually charge you the real interest rate on the entire previous balance.

To illustrate, imagine you that purchased equipment like a computer for your business. You bought it for $2,000 on a business credit card with an introductory rate of 0% for 6 months. Then your interest rate increases to 12.99%.

12% of $2,000 is $259.80. So you would think that if after 6 months, if you had paid the balance down to $1,000 you would only be charged 12.99% on $1,000 right? Wrong. They will charge you the 12.99% on the entire original balance of $2,000!

That’s why, if you’re concerned about paying down the debt, you must pay down the entire original balance by the date that the introductory rate ends.

Of course that ultimately depends on how important it is to you to save and pay the least amount of interest. In some cases, it’s not a big deal to pay the full interest charges, especially when you really need the money.)

Ok. Enough on the side point. Let’s get back to our original discussion.

If you’re in the introductory period of an unsecured line of credit, this is how you’ll calculate your minimum payment:

Calculate 1.5% of the balance and you’ll have your minimum payment. Let’s use the example of the $2,000 balance for the computer. $2,000 x 1.5% = $30.

So in this example, your minimum payment during the introductory 0% interest period would be $30.

That was easy. It’s a little more complicated though once the 0% introductory rate is over.

Principle #3

So third, you’ll need to be able to calculate your payment if you are being charged interest. In that case the minimum payment is calculated this way: The balance times 1.5% plus the APR divided by 12 months.

In keeping with our previous example, the interest rate increases from 0% to 12.99% after 6 months. Let’s still assume a $2,000 balance.

This is how our equation would look: $2,000 x (1.5% + 12.99% / 12).

12.99/12 = 1.0825

$2,000 x (1.5 + 1.0825).

(1.5 + 1.0825) = 2.5825

$2,000 x 2.5825% = $51.65

Rounded - $52 minimum payment

Yeah, it’s a bit more complicated. So if you need more help calculating your monthly payment on an unsecured business line of credit, feel free to Contact Us. We’ll be glad to help.

How can I get as many unsecured lines of credit as I want without signing my personal name on the bottom line?

Step # 2 - Get the details on how to qualify.

Now that you know how to calculate your payment, it’s time to learn how to qualify for not only one unsecured line of credit, but multiple lines, each as high as you need them to be.

This FREE E-Book “Unlimited Business Financing Without Any Personal Guarantees” will show you how in detail. Just fill out the form below and I’ll send it over to you.

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