Simple Ways to Improve Your Credit Score

Simple Ways to Improve Your Credit Score

Have you applied for car finance recently but did not get approved because of bad credit? There are numerous factors that can affect your application for loans or a new line of credit, and among these factors, your credit standing plays a crucial role.

While you may have met all the other requirements but still can’t figure out why your loan application gets declined, it may be time to take a close look at your credit score.

When you have a less than stellar credit, it may seem like you’ve dug yourself into a deep, dark hole that you couldn’t get out of. However, you shouldn’t feel disheartened because there are simple ways you can do to improve your credit rating.

While the road to recovery is not easy, the good news is, it’s not impossible. But it will take plenty of effort and discipline on your part. So, to help you get started, here are several things you can do right now to get your credit standing back in good shape.

Check your credit report.

Remember when you were in school? If your parents wanted to know how your grades were doing, they would ask to see your report card. Improving your credit rating is basically the same thing. You can start by getting a copy of your credit history.

Just check online and look for sites, like creditsimple.com.au or creditsavvy.com.au, which offer this kind of service. It’s completely free, fast, and easy.

Look for possible errors.

If you think there are some mistakes on your credit report, you should carefully examine them and dispute these errors when necessary. The good news is that most credit bureaus and credit providers have set up a standard process to handle disputes for errors found on credit reports.

Pay your bills on time.

Staying on top of your finances can be overwhelming at times. But it’s very important that you track all your bills and pay them on time. Missing payments can put a dent on your credit standing and lower your credit score over time.

Usually, when you forget to pay a bill, after 30 days, a credit bureau will be notified, and this may affect your credit rating. So, to avoid this, you can set up arrangements like an automatic payment system from your bank to make sure you never fail to pay your bills on time.

Reduce your credit card balance.

One of the effective ways you can boost your credit standing is to pay down your credit card balances. If possible, keep your balances low, even those small balances as they may become a nuisance over time, especially if you have more than one credit card. This way, you can avoid saturating your credit report so many balances.

Use credit to your advantage.

While it may seem counter-intuitive to have outstanding credit, when you consistently pay them and avoid defaulting, this will have a positive impact on your credit score. When you show that you are not falling behind on your payments, it will show that you are a responsible borrower and can be trusted because you can pay your debts.



These are just some of the simple ways to get your credit standing in better shape. When you have reached a point where your credit rating is at a good spot, your chances of getting approved for loans will be higher than before.

Have you found other ways to improve your credit rating? If so, we’d love to hear from you. Please share your tips by leaving a comment, so that others may benefit.

 


Retirement moves which you should start taking during your 20s and 30s

Retirement moves

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Though you might be decades away from quitting your job forever, planning your retirement is everything about taking the proper start. During each stage of your journey towards retirement, you will require knowing about the most vital money moves that you should make, the target for savings that you should set an aim for and the ideal way in which you can mix and create the best investment portfolio.

These change when you reach your peak years of earning and when you reach the pre-retirement red zone. If you’re someone who is all set to take the best money moves while you’re in your 20s and 30s, we will offer you some of the best techniques that you should follow in order to stay debt free post retirement. Check them out.

#1: Collect the entire company match for you 401(k)

In case you’re beginning to save money at the age of 35, you will require putting aside 17% of the income for 30 years so that you can retire properly at the age of 65, as per researches done by the American College. You start at the age of 30 and then your target will decrease by 12%. If you begin at 25, the target will drop to 8.8% in a year till you reach the age of 65. Usually, you should save 6% to earn the entire amount. If you think that’s too much, you can start with 3%.

#2: Demand $5000 more in your salary

The amount that you earn during the initial 10 years of your job will always have a long-lasting impact on the wealth that you accumulate. As per studies done by the Federal Reserve Bank of New York, the typical wage of the worker grows between the age of 25 and 35. So, if you can get a boost in your pay of $5000 when you are of the age of 25, this can sum up to $635,000 more in the earnings that you make over the lifetime. You should negotiate irrespective of whether you’re grabbing a job offer or you’re looking for a raise. It is sad enough to note that just 35% of the millennials have ever asked for a raise.

#3: Be smart about paying low investment costs

It is always a smart and a wise decision to keep investing costs down. When you’re still young, you should lock in on the low-fund expenses and this is also a rewarding experience. In case you invest $1000 in a month in a retirement fund for long 30 years, you will end up having $762,000 keeping in mind the average annual returns and mutual fund fees.



#4: Try to know yourself in the future

You should picture yourself in the future and this will give you a clear idea of your savings mindset. There are several kiosks which allow workers to get an idea of how you can look when you’re 65, the number of people who enrolled in a retirement plan rose to 65% as compared to the previous year.

Therefore, whenever you’re worried about the ways in which you can systematically save for your retirement, you can take into account the above mentioned strategies and techniques.


What are the Best Places for Office Space

Founding a business is a risky yet exciting endeavor, as many people who start a business are following their dreams. Before starting a business, you have to take many things into consideration. One of which is the practicality of launching a business in a particular area at a particular time, as well as how likely that business is to survive.

Looking at these statistics can prepare you for the reality of opening your business.

What do the statistics tell us?

In London, an increasing number of business are being established, with over 400,000 having been established in 2016 alone. The majority of businesses being established fall within the business administration and support services sector, the transportation and storage industry, and in education.

However, the businesses with the highest survivability rates, which means those that last the longest, are in healthcare, property, and information and communications.

Just as businesses are born each day, many are closed every day too. The majority of those businesses that die each day fall into the realm of finance and insurance, business administrations and support services and property.

Although property falls into the highest death rate and the highest survival rate, the survival rate of the property industry outnumbers its death rate by at least 35%, so it is still a feasible business venture.

It is also important to note that the accommodation and food services industry has the lowest rate of longevity. Many who open these types of establishments do not see continued success.

Although many businesses shut down, the number of businesses established each year continues to outnumber those that are closed. This means that finding space for all of these businesses will eventually become more challenging.

Where are the best places to open a business?

As far as location is concerned, London has both the highest birth and highest death rates for businesses, but only by about 2-3%.

Unfortunately, London also has the lowest survival rate at almost 42%. The locations with the longest survival rates, which would be the best places to open a business, include the Southwest, Northern Ireland, and the Southeast.

What is a Flexible Workspace?

One of the latest trends in business is flexible workspace. Exact definitions of this word will vary depending on who you ask, but the general underlying concept is still there.

A flexible workspace is a workspace that can be used by different people or businesses at different times and for different purposes. The idea is that a property manager owns a building that has a variety of office space options that are rented out monthly, daily, or even hourly.

For example, a small startup that doesn’t have a conference room setup available could rent a conference room from a flexible workplace location.

This way, the small business can host a professional-looking meeting without the cost of renting or leasing a large property for an extended period of time.

Why do we need it?

Running a business successfully requires income coming in to the business to exceed the amount of money going out of the business. If businesses are spending a large amount of money leasing or renting a property that is too large for their everyday operations, they are essentially wasting money. They end up paying to rent space they do not utilize every day.

Flexible workspacesare a great way for businesses to save money. Another benefit of flexible workspace is that businesses that share the workspace will also have an opportunity to collaborate and share ideas. This could create competition between businesses, which could be good in that it could drive up productivity. It could also result in the birth of new ideas.

London is home to the largest number of flexible workspaces, with around 10% of the London market being comprised of this type of office space. Finding an affordable location to do business in London shouldn’t be a problem for you.



Conclusion

No matter the location or the industry, opening a business is always going to be a risk that you take. However, doing some research and looking at the numbers can serve as a guide for you as you begin the process.
Don’t forget to take into consideration the possibility of utilizing flexible workspace as an alternative to renting or leasing space that you just don’t need right away.


Grow Your Business with Automation

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You could grow your business by stretching your finances and investing more money into it – that’s what so many business owners do – or you could be smart and grow your business by using automation to increase your company’s productivity, and therefore your profits.

Did you know that you can typically automate up to 45 percent of your business? That’s a lot, right But, if you still aren’t sold on automation, here are some compelling reasons that are sure to change your mind…

Automation is Cost Efficient

Perhaps the most compelling reason to use automation to grow your business is the fact that it is likely to have a positive impact on your finances. You see, with automation, you can use tools like Intelligent Information Management and even basic email templates, to cut the amount of time that you and your employees spend doing simple and complex tasks that take up time. The more time you free up, the more productive your business can be and the less money you will need to spend on staff – it makes perfect sense.

Automation Can Consolidate All Areas of Your Business

Using the various automation tools at your disposal will allow you to connect up various different aspects of the business, which can improve productivity significantly. For example, you can use digital asset management to ensure that all members of staff can collaborate and access documents via various different applications, which means they can work together more easily, or you could use a CRM system like Infusionsoft to not only deal with customer subscription sign-ups, but to also let customers know about new products and services, or even special offers you’re running. That means you can make many more sales without any effort whatsoever, which can only be a good thing for your company’s finances.

Automation Can Free Up Your Time

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If you automate everything from your calendar to your social media updates. That will free up a lot of your time, and as the owner of the business, this is very important. Why? Because you are the person who should be schmoozing clients t get more business, scouting out the best talent to help your business grow, and a million other things that triviality such as booking appointments and doing the books gets in the way of doing that and bosting your finances as a result. By automating this stuff, you ate allowing yourself to work on high-value tasks that lose your full potential and help your business to thrive and grow, it really is that simple.

Automation Can Do Your Marketing

Whether you’re using Hootsuite to schedule your social media posts for the week or Infusionsoft to push your content to a range of platforms where your customers can see them, automation can do the bulk f your marketing for you.



Automation Can Get Rid of Human Error

Human error can cost businesses hundreds of thousands of dollars and set them back when they should be pursuing growth. The great things about automation are that providing you set it in motion correctly, it will run and run without experiencing any problems. In fact, it is estimated that it can eliminate as much as 80 percent of human error in industries such as manufacturing and engineering alone.

Automation is the way forward, especially if you want to increase productivity, boost profits and see your business grow.

 


The rise in Bridging Finance to help get your Offspring on the First Rung of the UK Property Ladder

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In years gone by it used to be a lot easier for young parents to get finance to obtain a mortgage for their very first venture buying a family home. So long as they had a good credit rating and a good relationship with the bank manager, they stood a good chance with a decent deposit on their side. Their family would normally help with additional things like buying furniture, solicitor fees, paying or helping to pay stamp duty or towards a small deposit and alike if needed.

These days, however, first-time buyers and young families are under much higher pressure to obtain all of these traditional requirements in order to purchase the first family home. Currently, with the economic downturn and together with today’s housing market increase. it has been much harder so there is now a tendency for getting help from the “bank of mum and dad” so to speak.

In general, today’s young people trying to get on the property ladder need (for the most part) funding in the region of some £20,000 to £30,000 to purchase their first‘ basic’ property. This is a substantial amount for most people today and many are not able to afford this from the off so they are needing the help of family members where this is possible. Parents, in general, are the ones to give them a “leg up” if they can to help their children purchase their first property.

Some first-time buyers are increasingly looking to family support in the form of bridging loans (here is a great calculator) to both purchase and in most cases help renovate houses in order to climb up this expensive slippery pole. A lot of these first-time homes are in need of renovation which makes it even harder as the banks deem the property “unsuitable security” so if the family can help with this there is more of a chance of getting over the hurdles. If this can be organised, some of the money can be put into play with a bridging loan secured against their own property to increase the value of the purchase it suitable security for mortgage purposes. Once completed the property is remortgaged using the funds raised repaid to the family member who lent them the money, who in turn repays their bridging loan.



In these situations, family members are helping to make this possible for their children to get onto the property ladder and set up a stable home for their grandchildren in the future in the bargain. In some cases, there is potential for “mom and dad” to have some return on their investment to boot but there is, of course an element of risk, and before entering into something like this all parties need to research all aspects and be prepared to do some work and perhaps even roll up their sleeves to chip in on the renovation itself. All in all this option is coming into play more and more these days and is generally a good solution to the issues in this field today.

 


Ways to Raise Capital Funds for a Start-up

Starting a business involves a number challenges for a young entrepreneur. One of the toughest challenges involves capital funding as you come across very few investors in the market. It’s not impossible to find an investor, but you may resort to a few alternative options in order to enjoy the financial success. Identifying the right source for capital funding often leads an entrepreneur through some misconceptions.

One of the most common misconceptions pertaining to capital accumulation is about acquiring debt from unreliable sources. Business owners are scared of jeopardizing their financial situation when the loan interests reflect a sharp rate hike. If you haven’t been careful initially, you must brace yourself for the worst. It really helps when you come across a few quality resources online.

Few good tips on capital funding to help a business flourish in no time:

1. Check out your wallet at the beginning. All of your retirement, home equity, and savings accounts need to be

tapped. Till the time you invest your own hard-earned money, you can’t expect others to put your money at stake. Investors possessing profound knowledge tend to support founders that have more confidence in their activities. Most investors prefer to go with entrepreneurs that have more than just “sweat” to spare in times of need.

2. Resort to bootstrapping. In your attempt to stretch the financial resources of your business, you must consider each dime as if it’s a dollar. You’ll learn to manage your finances better when you continue to make necessary payments in time. Meet all of your business expenses out of your revenue every month as you proceed. You might fall short of cash during the initial phases. However, your path to raise capital gets more flexible when you start bootstrapping for securing a good validation in the market.

3. Consider funds that are not dilutive. Solicitations and grants are not always the best option for a start-up business. But you ought to check them out before you turn down such offers. You’ll only need to bear a much lower rate of interest when you opt for loans or grants just to ensure a fast growth of your business. Such sources of capital accumulation often provide your startup with huge sums of money. That’s why you ought to plan your strategies and operate freely.


4. Acquire capital based on milestones. Falling short of capital is equally bad to that of accumulating excess capital. You won’t need to give up on equity be it about reaching milestones or meeting your capital requirements.

5. Develop your line of credit. Bankers tend to vet you when their lending competitors have already done so. They are more likely to return your calls when you adopt the right funding strategy. Sourcing funds through the initial stages don’t draw any silver bullet. Keep yourself from committing a suicide by laying more emphasis on bootstrapping and by following the right funding strategies.

The need to accumulate a huge amount of capital up-front for achieving quick success constitutes a popular entrepreneurial misconception. A move like this could ruin the prospect of dropping a successful anchor right at the beginning. Follow the tips mentioned above if you don’t want to give up equity early on. There’s no need for you to raise more of investment capital unnecessarily.


Finding A Career That Gives You Financial Stability And Happines

Financial Stability

The trickiest part of career-hunting is finding a job that gives you the perfect balance between financial stability and happiness. Of course, many people think that you have to settle for one or the other, but there are often more options out there for you than you might realize. You might just need to widen your job search a little further. You need to consider your personality, interests, academic abilities, and general skillset. Once you’ve done that, you’ll have an idea of the perfect career for you. If you need some assistance then here are some ideas for careers that will give you both financial stability and happiness (depending on your preferences in terms of industries and types of jobs).

Careers for organized and analytical people.

If you find joy in a structured and organized life then you should search for a job that lets you channel this mindset. After all, you won’t be able to function in a job if you feel like it’s a messy and unstructured role. Luckily, there are plenty of careers out there for organized people that come with a decent salary. If you’re technologically-minded then you might want to look at job opportunities in web development. They’re well-paid careers that offer you the opportunity to analyze information and work in a structured environment. Coding is very analytical, structured, and straightforward (of course, it can be a bit of a headache to learn).

You could also look into career paths as an assistant or a secretary for companies. They often come with fair salaries and decent company perks. You’d have the chance to schedule appointments, make travel arrangements for your employer or their clients, and deal with all manner of people on the phone. It’s the perfect type of job for somebody who thrives on organizing things. You might even want to consider a career as a virtual assistant if you’d want to do the same kind of work from home. Whether you’re an introverted or extroverted individual, there are plenty of job opportunities out there for people with an organized mindset. In all industries, there are businesses that need professional help to keep their information and appointments well-organized and structured.

Careers for sociable and outgoing people.

If you’re an outgoing person then you probably want a career that lets you get out there, meet people, and do things in the real world. You probably don’t want to be cooped up in an office cubicle with very little human interaction. Fortunately, there are many sociable career opportunities out there that come with a stable income. You might want to consider a job as a recruiter for a company. That heavily involves socializing with candidates who might be able to potentially fill a role for a business. It also comes with a very nice wage.

Perhaps you’re an avid traveler, so you might have found yourself looking for jobs that offer a lot of paid leave (that gives you time to travel). But you could simply look for a job that involves traveling. There are plenty of well-paid careers that fit this description. You could work on a cruise ship and have fun sailing around the world and stopping at different destinations. It might not be the biggest salary in the world, but it pays in the fact that you’re visiting different destinations as part of the job (it’s technically “free travel”). Of course, there are other career options in the travel industry. You could work for an airline, as an example. You might even want to look into different aviation colleges if you’d consider working as a pilot. It requires real studying, but it’s worth the hard work. It’s a career that pays very well, and it’ll perfectly suit somebody who wants to see the world.

Careers for ambitious people.

If you’re a business-driven individual then you should be searching for a career that allows you to progress through the ranks of a company, depending on the type of industry that interests you. Of course, there are many career paths for ambitious individuals that apply to all industries. If you like charming clients then you might want to consider pursuing a career as a client success director. Again, you might have to climb the ranks to reach that point, but it’s a job role that provides a decent salary. A career in sales is another option that suits ambitious people. Career progression all depends on your ability to live up to expectations to sell goods and services. If you’re ambitious then you’ll quickly progress, and it can be a very well-paid career when you account for bonuses such as commission.

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Hacks for inventory management – A guide for the small manufacturers

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Do you think that managing inventory is more like a piece of cake? Since your business keeps booming and there is skyrocketing demand for your products, you will soon find yourself being subject to growing issues. You may not be aware of the fact that there are several companies which have lost billions and even went to the extent of closing their stores due to poor inventory management. For instance, Walmart burnt $3 billion due to its stock issue or even the company called H&M which struggles to unload more than $4 billion in surplus store inventory. Before you move into the details, you need to know what inventory management is.

Inventory management – What is it?

Inventory management is the science and art of dealing with tracking, storing, managing and ordering inventory from the supplier to the retail outlets. You can start off with the moment you ordered the raw materials till the product is given to the hands of the customers. When there is too much money tied to a business, you’ll require utilizing plethora of tools to manage the feat. You can this way avert certain logistics and production issues like:

? Soaring storage costs
? Dead stock that is unsellable keeps increasing
? Products which are spoiled or which cross the expiration date
? Huge cancellations of order
? Delayed turnover and missed deliveries

In case you wish to avoid all these unnecessary expenses and boost your cash flow, the key is inventory management.
Best inventory management hacks

1. Track your demand and supple balance real time

It is vital to keep an updated stock level and have the real time records of each item. This includes checking the locations of the product. When you can manage the inventory real-time, this can let you manage the availability of the present stock and customer demand so that you can backlash from customers and other fulfillment issues.

2. Have ready a buffer stock for reordering the products which are popular

Even though you track orders accurately, you will still come across issues in fulfilling the sales orders of the customers when the demand for the product increases due to unpredicted demand. When you have a safety or buffer stock, it lets you sell the best products like hotcakes during periods of delays in production and raw material issues. One of the best ways is to seek benefit of the automated inventory alerts.



3. Have a plan B for emergencies

The secret to perfect inventory management is to plan for the emergency situations and keeping an open mind for the changes which occur. There will arise situations when the demand will surpass the supply on hand and sales will spike naturally. Seasonal demand will trigger the requirement for bigger space for storing goods. You should have all sorts of plans ready for emergencies.

Therefore, when you’re wondering about the ways in which you can manage your stock inventory, you can take into account the above mentioned strategies and techniques.


Production scheduling is vital for a business – How about using automated software?

vital for a business

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Any smart business owner will be aware of the fact that scheduling and planning are necessary for achieving success. In fact, these processes form the key base of all activities and processes in a company. This is why it is vital for you to learn why planning and scheduling are vital for any business who wants to level up his company. They both go hand in hand and they share a symbiotic relation where they need each other to obtain maximum results. Planning comprises of designing a plan for your business, setting goals for the upcoming year and setting a tab on the things that are getting done.

In order to maintain a competitive advantage, it is easier to use a production scheduling software which is a great way of boosting efficiency and reducing costs. Here are few ways in which this software can help you.

#1: Planning and scheduling gets automatic

One of the biggest benefits of using this software is the capability of combining production schedules for the company. Each and every schedule of the department is set against one another so that meeting goals become easier. Each and every feature of the distribution and creation of a product is referenced immediately thereby saving hundreds of hours on doing it manually.

#2: You can buy raw materials during a drop in demand

One of the most significant things for majority of the manufacturers is the cost of raw materials but there are several who think that they don’t have enough control on the cost they pay while buying them. When you use a production planning software, it is able to keep a tab on the prices of raw materials from several vendors. You can also buy raw materials when the prices are high.

#3: Reviewing of data is easier

With the help of the software, each and every aspect of the process of production is kept in record. You can generate several reports at a time on every single aspect from raw material cost to the cost of shipping a definite product. With this data, it is vital to determine a limiting factor of the facility, gain insight on the efficiency and productivity of the personnel and make improvements on the process of production.

#4: You can adapt your tasks as per schedules

Whenever there are any kinds of unfortunate unforeseen events, they can spell disaster for any manufacturer. Production scheduling software will adapt to such occurrences efficiently and swiftly. You can move manufacturing to other facilities or product can be routed to reach out to customers where there is strongest demand. The software will suggest you several options or decide the most cost-effective solution.



Therefore now that you know the benefits that you can reap from using a production planning software, you should never think of not using it. Always stay at the edge of competition so that your competitors don’t leave you behind in the rat race to stay at the top of the list.


5 Simple Actions that Can Raise Your Credit Rating Much Faster

Credit rating

Are you wondering how to improve your credit rating? Are you thinking of improving it for obtaining a higher loan, reducing your present interest rate, or to apply for a fresh credit-line? Your accounts ought to be paid on time for a considerable period of time if you really wish to maintain a good credit score. By doing this, you’ll certainly be able to make various financial institutions understand that you’re actually looking forward to repaying the borrowed amount. However, you may resort to a few quicker means of improving your credit rating.

Check out a few key steps to raise your rating without any hiccups:

1. Pay all past dues and keep your accounts updated

If you’re defaulting on your loan repayment for a period of about 60 to 90 days, then your credit score might take a serious hit. You might even have to witness a fall in score worth hundred points even after maintaining a good financial history. Not being able to pay off your dues can have a critical effect especially when you’re going to apply for a new credit card. Clearing off past dues may require you to pay off debt on time and adjust all accounts. If you’re late on your payments, then it will be hard for the banks to issue a loan for you.

2. Resolve issues pertaining to collection accounts

Credit Bureaus keep a record of your collection account for a long period of time. You’ll hardly be able to identify the source of their information. You must get rid of your collection accounts as they often leave a negative impact on your credit score. You must get in touch with a credit bureau and the parties with whom you have an issue. Your credit score is bound to be improved once you resolve your collection issues.

3. Bring down your credit line and balance to under 30% of the overall limit

Your credit score faces a negative impact once you max out on your credit limit. There’s no point in requesting your bank to lower your credit limit. Instead, you must attempt in lowering the revolving credit balance and request your lender to raise your credit limit. This way, you can prove to them that you aren’t maxing out your overall balance. Your credit score gets increased when you succeed in lowering your credit balance by about 30%. However, in order to maintain a high credit score, you must keep a check on your purchases and maintain that extra room on your credit.

4. Make sure the old accounts aren’t closed

Your credit score is bound to achieve a positive impact if your account is much older. However, you’ll need to keep it active. The credit score algorithm may not consider it if you aren’t using it for long. It needs to be brought back on track if you really wish to increase your credit rating. You may consider using this old credit card for any of your forthcoming purchases and then pay off the balance immediately.



5. Don’t apply for a fresh credit-line

Your credit history keeps a track of all new credits that you apply for. Your score gets lowered as a result of this. You must steer clear of all fresh credit applications. Consider avoiding this for a certain period although you must increase your credit score. Keep an eye on the facts mentioned in the other four tips.
Banking and financial institutions can actually lend you money and help you create borrowing opportunities and maintain your credit score. You may even be considered for loans without actually running a check on your credit. You might even find a way to achieve lower rates with those lenders that maintain an automated credit response.

 


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