You know the benefit of having good credit. It will safe you in the long run! However, something has happened along the way. Perhaps, an obstacle has been thrown in your path and has caused you to stumble. Now, you find yourself with bad business credit. Don’t lose heart! This article will give you some handy tips and tricks to get you back on your feet, read on:
If you repair your credit score, you will end up paying less in security deposits. Landlords and utility companies alike charge more in security deposits for customers with a lower credit score, since those customers are considered to be a higher risk for default. Of course you get it back later, but there’s no reason to force yourself to pay it out at all.
The key to successful repair of your business credit is to know your rights about how your accounts are reported. If you feel that errors have been made in the way an agency has reported to your credit history then it is in your best interest to know your rights and contact these creditors with that information in your toolbox.
Keep track of who you authorize to put an inquiry of your business credit report. Inquires do have a negative effect on your report. Review your credit report and dispute any inquiries that you have not authorized. Keeping track of small items like this, can have a large cumulative effect on your business credit report.
Before you begin on your journey to repair your credit, take some time to work out a strategy for your future. Set goals to repair your business credit checks and cut your spending where you can. You need to regulate your borrowing and financing in order to avoid getting knocked down on your credit again.
An important tip to consider when working to repair your small business credit is to make sure you exhaust all possible resources before considering bankruptcy. This is important because bankruptcy will remain on your report for 10 years and is extremely hard to come back from. Always consult with a credit counselor beforehand.
Start rebuilding your business credit score by opening two credit cards. You should choose from some of the better known credit card companies like MasterCard or Visa. You can use secured cards. This is the best and the fastest way for you to raise your FICO score as long as you make your payments on time.
If you are trying to repair your credit score, check your credit report to make sure all of your positive credit is being reported. Credit report disputes aren’t just for wrongly-noted negative marks. If you have a loan or account in good standing that isn’t on your report, be sure to contact the holder of the loan to request that they report it.
Are you ready? Apply the above tip or trick that fits your circumstances. Get back on your feet! Don’t give up! You know the benefits of having good business credit. Think about how much it will safe you in the long run! It is a slow and steady race to the finish line, but that perfect score is out there waiting for you! Run!