Overdrive Magazine | Trucking Business News & Owner Operator Info
Issue link: https://read.dmtmag.com/i/101364
BUSINESS Improve your credit Rates reverse downward trend GAUGES After months of nose-diving following midyear peaks, rates in all three freight segments jumped in November. Dry van freight led the way with a 16-cent spike. Van rates also saw a comparable boost in November 2011, most likely due to the pre-holiday retail surge. After seeing record highs in May and June, flatbed rates have stagnated in recent months. DRY VAN FLATBED REEFER $2.50 Careful, limited use of credit cards is best for your credit rating. $2.25 $2.00 Checking your record To stay familiar with what���s on your credit record and correct errors, check your credit report periodically. You can obtain a free copy of your credit file from all three credit reporting agencies by calling (877) 322-8228 or by going to www.annualcreditreport.com. Also, since each agency provides a free copy every 12 months, you can stagger your requests and view one every four months. You also can reach each agency directly: ��� Equifax: (800)-685-1111, www.equifax.com; ��� Experian: (888) 397-3742; www.experian.com; ��� TransUnion: (800)-8884213, www.transunion.com. When your report has a negative incident that needs an explanation, such as circumstances beyond your control, contact that credit bureau about adding that information. Negative history is less harmful the longer it has been in a report and is dropped after seven years. Likewise, positive information such as accounts paid on time should be added to your report if it would help develop trust with a potential lender. 18 | Overdrive | January 2013 $1.75 $1.50 Nov. 2010 Nov. 2011 Nov. 2012 1.7 trillion That���s how many cubic feet of natural gas per year the Department of Energy predicts will be used in heavy-duty vehicles by 2040. The kicker: That amount will displace the use of about 700,000 barrels of crude oil per day ��� just 3.7 percent of the roughly 19 million barrels consumed daily on average in 2011. Employment steadily rebounding Payroll employment in trucking edged up slightly in November to 1.36 million jobs. Long-term, however, trucking employment has jumped 10 percent since March 2010, the bottom point after the recession. November���s number is 6.5 percent below the peak in January 2007. For-hire trucking employment (in millions) For many owneroperators, the best resolution for 2013 would be to improve credit ratings. You���ll be glad you made the effort next time you���re looking to replace your truck. ��� Pay all bills on time. ��� Never bounce checks. ��� Use only one credit card. ��� Avoid getting new credit cards, such as when department stores offer an on-the-spot discount if you make a card application. ��� If in serious debt, quit using all cards. Pay off cards with low balances while making minimum payments on others. ��� Avoid easy-fix lending products such as payday loans or so-called checking advance products. These usually have effective annual rates that are outrageous. Nov. 2012 Sept. 2012 June 2012 March 2012 Dec. 2011 Sept. 2011 June 2011 March 2011 Dec. 2010 Sept. 2010 June 2010 March 2010 Dec. 2009 1.36 1.35 1.35 1.34 1.31 1.30 1.31 1.29 1.27 1.26 1.25 1.23 1.24