The fastest way to increase your FICO score, without any outside help, is to pay down your balances, with paydown of your revolving credit (for example, credit cards) balances giving you the most points for the buck.
30% of your score is credit utilization: how much of your credit limit is used up by your balance? On each revolving account, you need to keep your balance below 30% of your credit limit, or you will hurt your FICO score. For example, if you have a $200 credit limit, you must not have a balance higher than $60, which is 30% of $200. Do NOT close a paid off credit card account…. Continue reading ‘Quick tips for increasing your personal FICO score’
Filed under: Improving Personal Credit | 1 Comment
Desperate for money, many entrepreneurs are forking over thousands of dollars in upfront costs for business loans that many times are not funded. Disappointed, embarrassed and frustrated, not only do many give up but they discount the hardmoney lenders and private investors in the lending industry as scammers and thieves. The question looms. Is it an ethical practice for lenders to request an upfront payment. Continue reading ‘Should You Pay Upfront Fees For Loans?’
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Why should you be concerned about your personal credit if you are going to build a strong business credit score?
Let me be very clear in correcting a myth that is floating around the small business circuit. Business credit is not a substitute for personal credit. While a poor personal credit score will not stop youfrom establishing a business credit score, it will hinder you from being approved for larger lines of credit. Continue reading ‘What if my personal credit is poor?’
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Start building business credit today
Dear Friend,
Are you making the same mistakes that 97% of all entrepreneurs make when trying to build business credit? If you want a simple to follow plan for establishing business credit and obtaining the funds that you need for startup or working capital, then read on…………. Continue reading ‘Business Credit Xpress has been launched’
Filed under: General | 1 Comment
Most entrepreneurs don’t realize that building business credit began long before they submitted their first application. Actually, you took your first step toward building business credit when you chose your company’s legal structure. Without realizing it, your decision to remain a sole proprietor, incorporate or become a limited liability placed your business in either a preferred or rejected category with lenders. Which legal structure is best? Continue reading ‘Making this blunder will cause you to be rejected by 98% of all lenders’
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The biggest misconception that business owners have about business credit is that you can’t get credit if you are a new business or if you have never established business credit. Often this misunderstanding is the reason that they will resort to using personal funds or personal guaranty’s when applying for credit.
The solution is creative financing.
Filed under: Creative Financing | 2 Comments
Business Credit – NOT!!
WHAT BUSINESS CREDIT IS NOT!
There’s so much hype about business credit that for the novice, it can be tough separating fantasy from reality. It would be wonderful to think that all you have to do is push a few buttons, learn a secret code and money will begin to flow like water. Fortunately, for business owners, who are commited to building a strong business model that is not the case. Here are some real facts that you have to keep in mind… Continue reading ‘Business Credit – NOT!!’
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Finding loans, lines of credit, retail credit cards or equipment leases for your business without having to provide a personal guaranty is often one of the most daunting experiences that a small business owner will face. The frustration of consistently being denied business credit can quickly take the excitement out of entrepreneurship.
I’ve got good news ….. Continue reading ‘The Art of Building Business Credit – Leases and Loans and Credit Cards…… Oh My!’
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Recent Entries
- Quick tips for increasing your personal FICO score
- Should You Pay Upfront Fees For Loans?
- What if my personal credit is poor?
- Business Credit Xpress has been launched
- Making this blunder will cause you to be rejected by 98% of all lenders
- Equipment Leasing – Pros and Cons
- Business Credit – NOT!!
- The Art of Building Business Credit – Leases and Loans and Credit Cards…… Oh My!
Categories
- Avoiding Blunders (2)
- Creative Financing (1)
- General (3)
- Improving Personal Credit (2)
