Personal credit is your tangible asset for life; why not take care of it? Everything starts with personal credit, including business finance. As a business owner, maintaining your personal credit is the key to flexible financing. With current lending restrictions, many lenders require a three merge credit report besides your business credit report. Lenders use Dunn and Bradstreet, Equifax or Experian for your business credit report. Your personal credit scores are a significant factor for your business loan application, and your business credit scores are imperative for your vendors and lenders.
One Simple Slip-Up Can Hurt Your Credit
It doesn’t matter if you’re an executive, an attorney, a doctor, a millionaire or billionaire, a credit slip-up can happen to anyone, at any time. A good task is to check and monitor your personal credit, go to Experian or MyFico.com and order a three merge credit report; you will not be penalized for a credit inquiry because you are ordering the credit report directly from the credit bureaus.
Ex 1: Client-A is a doctor, he is buying out his partner at their medical practice. Client-A currently has student loans that are over the available limit; as a result, this caused his FICO scores to plummet. Client-A paid down his student loans below the available balance so his credit scores go up, besides utilizing our customized credit restoration services for fine tuning his other accounts.
Ex 2: Client-B owns an IT business, he had a business credit card, its interest rate went up by 18%, and he was paying 28.5%. In addition to his new inflated rate, the bank reduced the available line of credit by $8,000. Client-B contacted us to assist him with his business debt, we located the credit slip-up that was on his personal credit, this explained why the bank reduced his business credit card line and simultaneously increased his interest rate. The result: we succeeded in reducing his interest rate down to 12.75%, a savings of 15.75% and he also paid down his credit balance.
If you’re applying for a business loan, business credit card, factoring your accounts receivable, SBA or an asset based loan, your personal credit is an essential factor for your loan approval.
For more information on how we can help you locally with business credit and personal credit in Boca Raton, 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 and Credit Consulting Experts on our Testimonials page.
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