There are simple steps to get your personal credit ready for business financing. A large number of small business owners do not realize their personal credit is not quite up to par in order to finance their business. Some small business owners need credit tweaking and some need a full personal credit restoration. Before you obtain more credit inquiries, which will report on your credit report and are unnecessary, please follow these quick steps to prep up your personal credit for small business financing:
Check Your Personal Credit
Check your personal credit at Experian or MyFico, simply order a three merge credit report and review your credit without getting penalized for a credit inquiry. If you see erroneous reportings or if you believe your personal credit needs tweaking or a full credit restoration, call an expert to fix your credit report.
Reduce Balances
If you have a good amount of credit cards, please reduce the balance at least by 30% of what is available on your credit line. For example: You have a $10,000 credit card availability with MasterCard, your current balance is $7,500, reducing your balance to $3,000 will improve your credit scores. If you already made a payment for your credit card and used your card again, you may want to make an additional payment before your commercial loan officer pulls your credit report. You may ask your creditor when their cutoff date is for reporting to the credit bureaus.
Reduce Credit Inquiries
I have seen great damage on credit reports with unauthorized credit inquiries. Each time a credit inquiry is pulled from a financial institution, your credit score drops
Get Referred
It is always best to meet your commercial loan officer in person or get referred to one by your business associate(s), your friend(s) or family member(s). A referral to a commercial loan officer also reduces the risk of identity theft.
For more information on how we can help you with your personal credit or business credit locally in Naples FL, Bonita Springs, Estero FL and Fort Myers, FL please fill out the online contact form about your concerns or give us a call at 239.260.4602. Read what our valued clients have to say about First Pro Capital and Credit Consulting Experts on our Testimonials page. Our consultations are free!
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