Is your credit report not quite as good as you would like it to be? You can fix that and make it look great, in just a matter of time. Follow our tips and you will see just how easy it is for you to repair your business credit report.
If you have a lot of debts or liabilities in your name, those don’t go away when you pass away. Your family will still be responsible, which is why you need to invest in life insurance to protect them. A life insurance policy will pay out enough money for them to cover your expenses at the time of your death.
Be sure that you pay all of your bills promptly if you are trying to fix a bad business credit history. Don’t leave them until the last minute. Set up a schedule for when you pay your bills, and use some sort of reminder system to make sure that they all get paid on time.
You should repair your business credit score because it increases your chances of getting a new job. Many employers use your credit score as a way to determine the trustworthiness of a new employee, or as a determining factor when picking between two choices for a promotion. This is especially true if you work in a government contracted company or in the financial industry.
Keep your first account open. Whatever business credit account you have had open the longest, is the best one to keep on your report. Don’t close this account because the limit is too low or the rate is too high. Try to get a higher credit limit, or ask for a lower interest rate, but even if they won’t give that to you, keep the card and keep using it. The longer track record you have with an account, the more it will affect your score in a positive way.
Knowing how individual agencies report to bureaus will greatly improve your repair efforts. Different creditors may report problems based on certain criteria and use different time frames for reporting. Research the standards for business credit cards, utilities and mortgage or rental companies to know when and how these issues are reported.
For the best business credit score possible, you should apply for multiple cards and make sure you do not use more than 20% of the available balance on each card. Pay off all your cards before applying for a new one. By not going over 20%, you are not damaging your business credit and not raising the interest rate.
For a good credit history, you should limit the number of credit inquiries. One inquiry does not damage your score significantly, but if a financing agency notices too many inquiries, the agency might not accept your application. Limit the number of applications you send out and always ask in advance if your business credit experian score is going to be checked.
An important tip to consider when working to repair your business credit is that you may need to consider having someone co-sign a lease or loan with you. This is important to know because your credit may be poor enough as to where you cannot attain any form of credit on your own and may need to start considering who to ask.
Check out your options with installment accounts to work with your revolving accounts. They will add positive ratings to your business credit profile and dramatically increase your FICO scores. Be sure that this will fit in your budget as it requires payments to be made monthly. It will be worth every penny in very little time.
Let the Better Business Bureau be your guide when searching for business credit score repair companies. Fortunately, many people have filed complaints against companies who charge fees for services that they cannot render. If a company’s offers or promises seem too good to be true, beware of their services. Call the BBB before you committ to something that is not worthwhile.
As you can see, business credit repair is possible and you are now ready to take your first steps in getting the credit report that you deserve. Once you complete your credit repair journey, you will be able to borrow the money you need to get a business credit card or even, buy a new car.