Curious about the American Express BLOC? Here are some key data points from someone who recently secured funding: - **FICO Score:** 680 - **Time in Business:** 13 months - **Monthly Revenue:** $3,000 Interestingly, she also connected her personal account instead of a business account. Has anyone else had similar experiences or insights to share?

The debt collection industry is challenging the Consumer Financial Protection Bureau's (CFPB) new rules regarding medical bills. These rules aim to provide more protections for consumers, particularly in the context of medical debt, which can often be overwhelming and confusing. The challenge suggests that debt collectors may feel the regulations place undue burdens on their operations or limit their ability to collect debts effectively. The outcome of this challenge could have significant implications for consumers, debt collectors, and healthcare providers alike. It will be important to monitor how this situation develops and the potential impact on medical debt collection practices.

Before applying for a personal credit card, it is important to go through a checklist to ensure a smooth application process. Here are some key points to consider: 1. Determine if you need any prior relationship with the bank before applying. Some banks may require a certain duration of relationship before approving your application. 2. Find out if the institution requires you to be a member of their bank or credit union before applying. Also, check if it will result in a hard or soft pull on your credit report and if they pull information from ChexSystems. 3. Check if the bank allows double or triple dips, which means applying for multiple products simultaneously. 4. Consider whether you should apply for a card or line of credit immediately or wait until you have built more rapport with the bank. Different institutions have different requirements for relationship duration before lending to you comfortably. 5. Determine the tier of the bank. Tier 1 or Tier 2 banks are generally preferred, but there may be exceptions. 6. Find out the minimum starting limit and maximum limit for the card. This can vary significantly between banks and card types. 7. Check if you can transfer limits between cards or if they are stuck on specific cards. Some banks allow you to move limits freely, while others have restrictions. 8. Understand if the bank asks for documents every time you apply or only after a certain income threshold is stated. Different banks have different rules regarding documentation requirements. 9. Determine the bank's maximum exposure limit, which is the maximum amount of credit they will lend to you. 10. Find out if there is a certain point of exposure where the bank starts asking for documents. Some banks may request documentation after a certain amount of income stated or preset limits granted. 11. Know which credit bureau the bank is known to pull information from for approvals. It could be one, two, or all three bureaus. 12. If the bank pulls information from 2 or more bureaus, check if you can block one or more of those pulls and still receive an approval.

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.

There are two main types of credit accounts: revolving accounts and installment accounts. Revolving accounts are like credit cards. You can use them multiple times as long as you pay them off each month. They don't have an expiration date. But be careful, having too many revolving accounts can make it harder to get approved for new ones. Installment accounts are loans. They give you a lump sum of money upfront and you have to pay it back over a set period of time. Once you pay off the loan, it's closed and you can't use it again. Now, let's talk about the best type of account. It really depends on what you need. If you want easy access to cash, a line of credit (LOC) might be the best choice. It's like having a checking account full of money that you can use whenever you want. But if you want rewards and perks, a credit card is a good option. When it comes to paying off debt, it's generally better to prioritize paying off loan debt over credit card debt. Loan debt is treated differently and doesn't impact your credit utilization rate as much as credit card debt does. If you have a lot of credit card debt and want to simplify your payments, you might consider getting a consolidation loan. This loan combines all your credit card balances into one payment. Just remember not to close the credit card accounts after consolidating the debt, as that could hurt your credit age.