How Worthy is Your Personal Credit and How Can You Improve Your Credit?

How Worthy is Your Credit and How Can You Improve Your Credit?

“Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at a later date, thereby generating a debt.” (Source: InvestorWords.com & Wikipedia.org)

Consumer Credit is Personal Credit

Personal Credit includes: credit cards, installment loans, home equity loans, mortgages and auto loans. Your credit history is your ability of re-paying your past and current debt which determines your credit risk when applying for a loan.

It’s very important for the self employed to maintain good credit and good credit scores, since the application of a business loan begins with your personal credit, which determines your default risk. The common red flags that lenders look for are judgments, tax liens, prior bankruptcies and recent late payment history. Lenders rate your personal credit as equivalence to the ability of paying your business loan.

Current Economic Conditions and Credit

With our current economic conditions, it is important to:

  1. Pay your bills on time, stay current with your bills or get current
  2. Pay off your debt than shuffling it around with new debt
  3. Don’t apply for too much credit which you can’t afford or maintain
  4. Only utilize up to 30-50% of your available line of credit
  5. Only apply for credit that you need to have than the nice to have credit

Maintaining good personal credit is the key to your financial success and business!

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For more information on how I can best serve your Jupiter, FL and  Palm Beach, FL credit repair needs, please fill out the online contact form about your concerns or give us a call at 855.477-9007 . Read what people have to say about First Pro Capital on our Testimonials page.

 Allow our team of professions to assist you!!


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