Your personal credit is your tangible asset for life. Your personal credit is a factor in making a sound underwriting decision for a business loan. Keeping your personal credit separate from your business credit is the foundation of a sound business.
Six Quick Tips to Improve your Business Credit Score:
- Pay your suppliers and vendors on time
- Pay your business loan and/or commercial real estate loan on time
- Pay off and settle any open business collection accounts
- Settle outstanding judgments and tax liens that appear on your business credit report
- Review your UCC Filings, past and present
- Avoid derogatory reporting , work with your creditors, inform them if there are problems
Six Quick Tips to Improve Personal Credit Scores:
- Don’t be late on your mortgage payment
- Minimize department store credit cards
- Don’t go over your available balance on your credit cards, try to keep your balances 35% or less of your credit limit. Going over your credit limit, reduces your credit scores.
- Don’t be tempted with increasing credit card offers. Multiple credit card offers can lead you to spend more and having unnecessary revolving lines of credit which may result to overextended debt.
- Use the “need to have” rule than the “want to have”.
- Try to avoid new collection accounts and charge offs, work with your creditors
Quick, simple and easy tips for your business credit score and personal credit scores.
For more information on how we can fix personal credit and repair business credit in Bonita Springs , Fort Myers, FL and Naples FL, please fill out the online contact form about your concerns or give us a call at 855.477-9007 . Read what our valued clients have to say about First Pro Capital on our Testimonials page.
~ Allow our team of professionals to assist you!