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Author: admin | Category: Auto Rate Calculator | Date: 06.02.2016

In our last blog “How to Fix Bad Credit”, one of the points that we touched upon was the use of a secured credit card to help you build a good credit history. Avoid offers for secured cards that do not have a recognized brand name such as VISA, MasterCard or American Express. How can I apply for a secured credit card from a reputable and recognized brand?  For information on a Home Trust Secured Visa* Card click here.
Contact Ira Smith Trustee & Receiver for more information on secured credit cards and for professional advice on insolvency, bankruptcy and managing debt. If like many Canadians you’ve had some financial difficulties, you may now have the additional problem of having to deal with how to fix bad credit.
If you are having trouble paying your bills on time, contact your creditors or seek professional help from a licensed trustee.
Check your credit report – You are entitled to receive a free copy of your credit report annually from each of Canada’s two credit rating agencies, Equifax and TransUnion. Pay the minimum payments on time and in full as required by the signed agreement you have with your creditors. Contact Ira Smith Trustee & Receiver for more information on how to fix bad credit or to book an appointment.
Increasing number of subprime borrowers are obtaining credit cards with high interest rates and fees to have some type of credit to fall back on. Many of these high fee credit cards offers are sent to individuals unsolicited after the company reviews their basic credit history for pre-approval. The Consumer Financial Protection Bureau is beginning to take notice of the inherent unfairness of these practices that target people that are economically vulnerable.
An investigation found that Continental violated the 2009 Credit Card Accountability Responsibility and Disclosure Act, known as the CARD Act, by charging cardholders fees higher than 25 percent of the card’s credit limit during the first year an account is opened.
You’re probably thinking that establishing of re-building credit may be difficult and confusing.
What is a secured credit card?  A secured credit card is a credit card that you make a deposit that is held as security by the financial institution that issues the card. Interest rates and fees may vary, due diligence is strongly recommended before making a decision. Good morning Wandanna-there are a lot of folks out there that can use this advice right now to help them get those scores back up. If you want to make an account on citizen’s bank, you have to choose the bank first and about the service. A recurring theme in this series is the importance of investors shaping their analytical focus according to companies' business models. Cash Conversion Cycle The cash conversion cycle is a measure of working capital efficiency, often giving valuable clues about the underlying health of a business. We go over these methods of calculating this component of the balance sheet, and how the choice affects the bottom line.
By using LIFO (last in, first out) when prices are rising, companies reduce their taxes and also better match revenues to their latest costs.
Discover how to analyze a company's inventory by understanding different types of inventory and doing a quantitative and qualitative assessment of inventory. Three useful indicators for measuring a retail company's efficiency are its inventory turnaround times, its receivables and its collection period.
Since the blog was published we’ve had several inquiries about secured credit card offers and how to get one.
Secured credit cards require you to leave a deposit with the credit card issuer as a guarantee. Most people will qualify for a secured credit card because you deposit the funds to secure the card in advance. In most cases, a secured credit card Canada is available as soon as are fully discharged from your bankruptcy. If you have doubts about the integrity of a secured credit card offer, contact FCAC toll-free at 1-866-461-3222.
If you have problems, it may be difficult to resolve them if the company is not located in Canada. These cards may only be accepted at a small number of stores or may require you to make purchases from a specific catalogue.
Stay away from credit repair scams.You are the only one who can fix your credit and it takes time. These high fee credit cards generally offer very low credit limits and have high fees tacked on at the beginning, lowering the credit limit even further and generating interest for the company immediately. The credit card solicitations are sent to people with blemished credit or a sparse borrowing history. One issuer of these high fee credit cards, Continental Finance was recently required to pay a civil penalty of $250,000 and to refund $2.7 million to about 98,000 customers who had illegal fees levied against their newly issued credit cards. Continental’s cards typically offered a $300 credit limit and charged a $75 upfront fee, which was acceptable under the CARD Act, but then charged further fees throughout the year that exceeded the fee cap, including a $4.95 monthly charge for paper billing statements. For e.g if you apply for a secured credit card limit of $500, you will need to deposit $500 in the bank to be held before you can use the card.
A secured bank loan is applying for a loan but paying cash to be held as security before the loan is issued.


You can have unlimited transaction about banking in your convenient place with your mobile or phone. Especially when time is limited, it's smart to tailor your emphasis so it's in line with the economic drivers that preoccupy the company's industry.
The cycle measures the average number of days that working capital is invested in the operating cycle. A prepaid credit card works like a debit card; you have to keep reloading it with your own money. If you are in a consumer proposal, once it has been accepted by your creditors, you are eligible to apply for a secured credit card, but not necessarily guaranteed to be accepted. What these borrowers do not realize is that these high fee credit cards can cause more financial distress than not having them.
Because there are few financing alternatives available to these individuals, all of them costly, the high fee credit card seems like a great idea.
You always stay connected with mobile banking so you always know how much your fund, and if there is some information such as transfer money, or withdraw cash, then you will get an alert message.
There are also loans from the bank to help the needs of citizens, maybe to build a home or buying a new car. It's tough to get ahead of the "investing pack" if you are reacting to generic financial results - such as earnings per share (EPS) or revenue growth - after they've already been reported. This is especially true from the lender's or creditor's perspective, where the main concern is defensiveness: can the company meet its short-term obligations, such as paying vendor bills? The advantage of a secured credit card is that individuals with no credit history or a history of bad credit have the opportunity to build a positive credit history because most companies report regularly to the major credit bureaus.
In addition, prepaid credit cards don’t give you the chance to build a credit history because no payment information is reported to the major credit bureaus. Build a good credit history by paying the balance regularly; then you can ask that the security requirement be dropped and that the deposit be returned. Do not fill in too many applications for credit and loans because every time you do, your credit history is checked. A number of these borrowers get trapped in vicious cycle of debt that costs them much more than the cost of the initial incident that caused them to use the card. In order to obtain the high fee credit card, all the person has to do is fill out the mailed application form and return it to the credit card company.
Accessing your account with the mobile phone is also secure because its safety procedure and antivirus installed on your phone.
For any given business, there are usually some key economic drivers, or leading indicators, that capture and reflect operational performance and eventually translate into lagging indicators such as EPS. But from the perspective of equity valuation and the company's growth prospects, working capital is more critical to some businesses than to others.
They can have the new, high-fee credit card in as little as ten days after the processing of the application. For certain businesses, trends in the working capital accounts can be among these key leading indicators of financial performance. At the risk of oversimplifying, we could say that the models of these businesses are asset or capital intensive rather than service or people intensive. Receivables are essentially loans extended to customers that consume working capital; therefore, greater levels of DIO and DSO consume more working capital. They prefer to get their money easily, then go to the bank and waiting for the unpredictable time just for taking money. Examples of service intensive companies include H&R Block, which provides personal tax services, and Manpower, which provides employment services. However, days payable outstanding (DPO), which essentially represent loans from vendors to the company, are subtracted to help offset working capital needs. This citizen’s bank is trusted bank that has citizen’s happiness all day long with himself or herself accountable. It is the latter type of business - the type that is capital intensive with a focus on inventory rather than fixed assets - that deserves the greatest attention when it comes to working capital analysis. These businesses tend to involve retail, consumer goods and technology hardware, especially if they are low-cost producers or distributors.
The 24-hour banking services allow you to manage your money by monitoring your account banking. However, we should be alert to how much gross profit margins depend on the inventory costing method.
Below we compare three accounts used by three prominent retailers: net sales, cost of goods sold (COGS) and the LIFO reserve. The turnover ratios divide into an average balance because the numerators (such as sales in the receivables turnover) are flow measures over the entire year. In a period of rising prices, LIFO will assign higher prices to the consumed inventory (cost of goods sold) and is therefore more conservative.
That's okay, but it's slightly more accurate to divide average payables into purchases, which equals COGS plus the increase in inventory over the year (inventory at end of year minus inventory at beginning of the year).
Just as COGS on the income statement tends to be higher under LIFO than under FIFO, the inventory account on the balance sheet tends to be understated. This is better because payables finance all of the operating dollars spent during the period (that is, they are credit extended to the company).


For this reason, companies using LIFO must disclose (usually in a footnote) a LIFO reserve, which when added to the inventory balance as reported, gives the FIFO-equivalent inventory balance.
Because GAP Incorporated uses FIFO inventory costing, there is no need for a "LIFO reserve." However, GAP's and Walgreen's gross profit margins are not commensurable. The turnover ratios do not mean much in isolation; they are used to compare one company to another.
GAP will get a slight upward bump to its gross profit margin because its inventory method will tend to undercount the cost of goods.
This number has more meaning; it means that, on average, Kohl's collects its receivables in 38 days.
Rather, we can revise GAP's COGS (in dollar terms) if we make an assumption about the inflation rate during the year.
This is known as LIFO liquidation or liquidation of LIFO layers, and indicates that during the fiscal year, Kohl's sold or liquidated inventory that was held at the beginning of the year. When prices are rising, we know that inventory held at the beginning of the year carries a lower cost (because it was purchased in prior years). Because working capital must be financed somehow, with either debt or equity, and both companies use debt.
Generally, in the case of a sharply declining LIFO reserve, we can assume that reported profit margins are upwardly biased to the point of distortion. However, if, hypothetically, Kohl's were able to reduce its cash conversion cycle to 37 days--the length of Limited Brands' cycle--its cost of financing would drop to about $35 million ($18.9 million per day x 37 days x 5%) per year. But even better, the year over year trend in the cash conversion cycle often serves as a sign of business health or deterioration. Declining DSO means customers are paying sooner; conversely, increasing DSO could mean the company is using credit to push product. A declining DIO signifies that inventory is moving out rather than "piling up." Finally, some analysts believe that an increasing DPO is a signal of increasing economic leverage in the marketplace. The textbook examples here are Walmart and Dell: these companies can basically dictate the terms of their relationships to their vendors and, in the process, extend their days payable (DPO).
Looking "Under the Hood" for Other Items Most of the other working capital accounts are straightforward, especially the current liabilities side of the balance sheet. As a result, on April 2, 2003, we paid $250 million, which represented the total amount owed to the third party by the subsidiary, and subsequently collected the related receivables.
By factored, we mean Delta sold some of its accounts receivables to another company (via a subsidiary) in exchange for cash. However, the seller (Delta in this case) typically retains some or all of the credit risk - the risk that customers will not pay. More importantly, if we were to analyze year 2002, we'd have to be sure to manually "add-back" the off-balance sheet receivables, which would otherwise look artificially favorable for that year.
We also highlighted Delta's increase in "prepaid expenses and other" because this innocent-looking account contains the fair value of Delta's fuel hedge derivatives.
Approximately 65%, 56% and 58% of our aircraft fuel requirements were hedged during 2003, 2002 and 2001, respectively. In February 2004, we settled all of our fuel hedge contracts prior to their scheduled settlement dates… and none of our projected aircraft fuel requirements for 2005 or thereafter. The rules concerning derivatives are complex, but the idea is this: it is entirely likely that working capital accounts contain embedded derivative instruments. In fact, the basic rule is that, if a derivative is a hedge whose purpose is to mitigate risk (as opposed to a hedge whose purpose is to speculate), then the value of the hedge will impact the carrying value of the hedged asset. For example, if fuel oil is an inventory item for Delta, then derivatives contracts meant to lock-in future fuel oil costs will directly impact the inventory balance. Most derivatives, in fact, are not used to speculate but rather to mitigate risks that the company cannot control. The good news is that as fuel prices rose, the company made some money on its fuel hedges, which in turn offset the increase in fuel prices - the whole point of their design! But this is overshadowed by news which is entirely bad: Delta settled "all of [their] fuel hedge contracts" and has no hedges in place for 2005 and thereafter! Delta is thus exposed in the case of high fuel prices, which is a serious risk factor for the stock. Summary Traditional analysis of working capital is defensive; it asks, "Can the company meet its short-term cash obligations?" But working capital accounts also tell you about the operational efficiency of the company.
The length of the cash conversion cycle (DSO+DIO-DPO) tells you how much working capital is tied up in ongoing operations. And trends in each of the days-outstanding numbers may foretell improvements or declines in the health of the business. Investors should check the inventory costing method, and LIFO is generally preferred to FIFO.
However, if the LIFO reserve drops precipitously year over year, then the implied inventory liquidation distorts COGS and probably renders the reported profit margin unusable. Finally, it's wise to check the current accounts for derivatives (or the lack of them, when key risks exist) and off-balance sheet financing.



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