|Credit worthiness plays one of the most important role in the lives of
individuals, families and entrepreneurs. A less than perfect credit for anyone
may mean, no credit cards, home mortgages, car or personal or business loans.
Not only can credit problems make it a struggle to obtain necessary financing,
but it may also be critical in obtaining a new job as some prospective
employers may be looking into a persons credit history to determine suitability
in a particular job. In businesses, entrepreneurs with poor credit habits also
run the risk of committing the same sorts of mistakes in their professional
Now the question is, How one go about taking care of his or hers credit problems
and/or for those who are fortunate to have good credit to know what is
involves n building and keeping good credit history.
- Start by determining just how bad your credit is. Even the best of
us have been stung by excessive credit-card use,
missed payments and other slips that can build a sour credit history. Head the
problem off by finding out where you stand before you deal with any financial
issues related to your business. Obtain your credit report from one of the
three major credit reporting agencies: Equifax, Experian or TransUnion. There
are numerous Web sites, such as
reviewer (lenders/employers/rental managers) maybe using any one of the
- Review your credit reports in detail and correct any mistakes. Try
as they might, credit reports are notorious for inaccuracies, outdated
information and other snafus. Go over your credit reports with painstaking
attention. Look for credit cards that you closed out years ago, loans long
since paid off and other mistakes that can drag down your FICO score, which is
a numerical summation of your credit worthiness. If you spot any glitches,
notify the credit agency in writing and document why the information is
erroneous. Follow up to make certain the mistake is corrected.
- If the problem isn't a mistake, get moving to solve it. If your
credit headaches are, in fact, all real and not exaggerated by misreporting,
tackle them aggressively.
are two resources online for these kind of reward business
- Use credit cards intelligently. It's not unheard of for businesses
— perhaps rebuffed by lenders — to rely largely on credit cards to obtain
needed startup merchant financing. Ultimately, you may prosper. But like other aspects
of poor credit habits, you must know full well the high risks by relying on
plastic. For one thing, recognize that some cards' "teaser rates"
(introductory interest rates that can be as low as 0%) inevitably spike, often
to stratospheric levels. Moreover, read your card's fine print: While low
interest rates apply to conventional purchases, some cards have exorbitant
rates for cash advances. So, be careful how you use the card, as it may
ultimately cost more than you think. For Frequently asked question regarding
- Differentiate between absolute necessity and things you'd like to have.
It pays to be extra prudent about every
aspect of your business's and personal financial life. Don't hold back on
making tough decisions — know what you absolutely need and what you can do
without. Sometime if interest payments on your business and individual credit
cards are mounting, it might pay off to separately consolidate your individual
and business debts .
your debt management assistance here.
A poor credit history and credit habits are just like water leaking into a
house. If you let it go on, your problems gets more and more difficult and
expensive to fix. The good thing however is that just like any other problem in
life, credit problems and poor credit history is nothing that can not be fixed.
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