User
Write something
Regional banks explained
Let me explain regional banks and how to find out which banks are in your area. You know how there are big banks like Chase, Bank of America (BOA), Citibank, and Wells Fargo that have branches all over the country? Well, those are called major banks because they serve people from all different regions. They offer a wide range of banking services to customers all across the country. But then there are these other banks called mid-tier regional banks. These banks are a bit different because they are only available in specific regions. They don't have branches everywhere like the major banks do. They focus on serving the people who live in their particular region. These regional banks often have some really good lending products, which means they can offer loans and other financial services that are tailored to the needs of the people in that specific area. Finding out which banks are in your area is actually pretty easy! You can use a website called ibanknet.com/bankmap to see a list of banks and credit unions that have branches in your state. The list will show you the biggest banks first, and then the smaller ones. It's important to remember that some banks can still serve a state even if they don't have branches in that state. So, it's always a good idea to check online or visit the bank's website to see what services they offer. Now, there are some people who like to maximize their banking options. They want to have relationships with different banks, including these mid-tier regional banks. Sometimes, if you want to open an account with a bank that is not available in your region, you might need to create what's called a foreign entity. This means you create a special type of business or organization in a different state that qualifies for banking with that specific bank. It's like having a passport instead of just a driver's license when showing your identification documents. So, regional banks are banks that are limited to specific regions, and you can find out which banks are in your area by using a website like ibanknet.com/bankmap. If you want to have accounts with banks outside your region, you might need to create a special business entity and use a passport for identification.
4
4
New comment 1d ago
Ideal credit profile
IDEAL CREDIT PROFILE CRITERIA BEFORE APPLYING For both lean setup and maximizers, these are the credit criteria to consider before applying for your first personal card: Payment History: - Ensure no late payments and maintain a 100% payment history. Utilization: - Keep the utilization of each individual revolving account between 1-6% maximum. Debt-to-Income Ratio (DTI): - Aim for a DTI below 35%. Length of Credit History: - Have at least 1 year of average age reporting on your credit history. - You can supplement this with Authorized User (AU) accounts. Inquiries: - Keep the number of inquiries below 3 in the past 6 months per bureau. - For best results, limit inquiries to 3 or less in the past 12 months. Credit Mix: - Maintain at least 2 installment accounts, each being 4 months old. - Have at least 1 revolving account, which can also be an AU account. Derogatory Accounts: - Avoid any derogatory accounts such as collections, charge-offs, or bankruptcy. SPECIFICALLY FOR THE STARTER SEQUENCE: Before going for premium credit cards like CSP, Amex Gold, BILT, etc., it is recommended to have the following: Credit History: - Have at least 1 year of credit history. - At least 4-6 month-old primary accounts (installments) and the remaining age can be boosted by AU accounts. Banking Relationships: - Maintain 1 month of checking account history with Chase Bank. - Have 1 month with Amex High Yield Savings Account. - Maintain 1 month with Navy Federal Checking + Savings. - Wells Fargo personal checking account could also be helpful for BILT. 📈 MAXIMIZERS: When it comes to business funding, consider the following criteria: Primary Credit History: - Aim for 1+ year of primary average age on your credit report, even without help from authorized users. Primary Credit Cards: - Have at least 1 primary credit card that is 1 year old or more. - Maintain at least 1 primary credit card with a limit of $5,000 or more, and at least 6 months old. Data Mining: - Consider doing data mining with each specific bank you want to get approvals with, if recommended.
3
1
New comment 1d ago
Perfil crediticio ideal
CRITERIOS DE PERFIL CREDITICIO IDEAL ANTES DE SOLICITAR Tanto para aquellos que prefieren una configuración básica como para los que buscan maximizar, estos son los criterios crediticios a considerar antes de solicitar tu primera tarjeta personal: Historial de Pagos: - Asegúrate de no tener pagos atrasados y mantener un historial de pagos del 100%. Utilización: - Mantén la utilización de cada cuenta rotativa individual entre un máximo del 1 al 6%. Relación Deuda-Ingresos (DTI): - Apunta a un DTI por debajo del 35%. Antigüedad del Historial de Crédito: - Ten al menos 1 año de antigüedad promedio en tu historial crediticio. - Puedes complementarlo con cuentas de Usuario Autorizado (AU). Consultas: - Mantén el número de consultas por debajo de 3 en los últimos 6 meses por buró. - Para obtener mejores resultados, limita las consultas a 3 o menos en los últimos 12 meses. Mezcla de Crédito: - Mantén al menos 2 cuentas de préstamo, cada una con 4 meses de antigüedad. - Ten al menos 1 cuenta rotativa, que también puede ser una cuenta de AU. Cuentas Negativas: - Evita cualquier cuenta negativa, como cobranzas, cancelaciones o bancarrotas. ESPECÍFICAMENTE PARA LA SECUENCIA DE INICIO: Antes de solicitar tarjetas de crédito premium como CSP, Amex Gold, BILT, etc., se recomienda tener lo siguiente: Historial de Crédito: - Ten al menos 1 año de historial de crédito. - Cuentas principales (de préstamo) con al menos 4-6 meses de antigüedad y el resto de la antigüedad puede ser impulsada por cuentas de AU. Relaciones Bancarias: - Mantén 1 mes de historial de cuenta corriente con Chase Bank. - Ten 1 mes con una cuenta de ahorros de alto rendimiento de Amex. - Mantén 1 mes con Navy Federal Checking + Savings. - Una cuenta corriente personal de Wells Fargo también podría ser útil para BILT. 📈 MAXIMIZADORES: Cuando se trata de financiamiento empresarial, considera los siguientes criterios: Historial de Crédito Principal: - Apunta a tener 1 año o más de antigüedad promedio en tu informe de crédito, incluso sin la ayuda de usuarios autorizados.
4
3
New comment 1d ago
Explicación de los bancos regionales
Permíteme explicarte los bancos regionales y cómo descubrir qué bancos hay en tu área de una manera que un estudiante de cuarto grado pueda entender. ¿Sabes cómo hay grandes bancos como Chase, Bank of America (BOA), Citibank y Wells Fargo que tienen sucursales por todo el país? Bueno, esos se llaman bancos principales porque atienden a personas de todas las regiones. Ofrecen una amplia gama de servicios bancarios a clientes de todo el país. Pero luego están estos otros bancos llamados bancos regionales de nivel medio. Estos bancos son un poco diferentes porque solo están disponibles en regiones específicas. No tienen sucursales en todas partes como los bancos principales. Se centran en atender a las personas que viven en su región en particular. Estos bancos regionales a menudo tienen productos de préstamo muy buenos, lo que significa que pueden ofrecer préstamos y otros servicios financieros adaptados a las necesidades de las personas en esa área específica. ¡Descubrir qué bancos hay en tu área es en realidad bastante fácil! Puedes usar un sitio web llamado ibanknet.com/bankmap para ver una lista de bancos y cooperativas de crédito que tienen sucursales en tu estado. La lista te mostrará primero los bancos más grandes y luego los más pequeños. Es importante recordar que algunos bancos pueden atender a un estado incluso si no tienen sucursales en ese estado. Por lo tanto, siempre es una buena idea verificar en línea o visitar el sitio web del banco para ver qué servicios ofrecen. Ahora bien, hay personas a las que les gusta maximizar sus opciones bancarias. Quieren tener relaciones con diferentes bancos, incluidos estos bancos regionales de nivel medio. A veces, si quieres abrir una cuenta en un banco que no está disponible en tu región, es posible que necesites crear lo que se llama una entidad extranjera. Esto significa crear un tipo especial de negocio u organización en un estado diferente que califique para hacer transacciones bancarias con ese banco específico. Es como tener un pasaporte en lugar de solo una licencia de conducir al mostrar tus documentos de identificación.
4
0
ChexSystems
ChexSystems is like a report card for your banking history. It keeps track of how many bank accounts you've opened and if you've done anything bad with those accounts. Banks use ChexSystems to check if you've had any problems with other banks before they let you open a new account. The report only shows the bad stuff, like if you've done anything wrong with your bank accounts or if there have been any suspicious activities. It doesn't show any good things you've done with your accounts. If you get denied when you try to open a bank account, don't keep trying over and over again. This will make things worse. Instead, you can get a copy of your ChexSystems report to see what the problem is. You can get one free copy of your report every year or if you've been denied an account recently. You can go to the ChexSystems website to get your report. Just make sure to enter your information correctly, or they will have to mail it to you, which takes longer. To find out which banks use ChexSystems, you can ask the people at the bank or look online for information. You can also freeze your ChexSystems and credit reports and try to apply for an account. This will show you if the bank checked your ChexSystems or not. There's no exact limit to how many banks you can apply to, but it's a good idea to keep it to around 5 in a 6-month period. Having too many inquiries can make the banks suspicious. You can have as many bank accounts as you want, but other banks can only see the inquiries on your ChexSystems report, not the actual accounts. So if you have a lot of inquiries, the banks might wonder why you're trying to open so many accounts. It's important to build a good relationship with the bankers when you apply for a new account. They might see the inquiries on your report, but if you explain why you have them and show that you're responsible, they might still let you open an account. Some banks might also check your credit when you apply for an account. It's better to wait until you have a good credit history before applying to those banks.
6
7
New comment 3d ago
1-30 of 55
Public group
Financial literacy, How to repair your own credit
Leaderboard (30-day)
powered by