- About us
- Special Offers
- BOOK APPOINTMENT
At some point in the life of your business, you’ll likely need to borrow capital.
That’s why it’s important to build and maintain a solid credit score now – so when the time comes to apply for financing you’ll be able to prove to a lender you’re a good risk.
Here’s some simple steps you can take today to raise your credit score.
A quick online search can help you find out where you stand with your creditors. Simply contact a credit reporting agency (e.g. Equifax, TransUnion, or Experian) to request your free credit report.
Your credit rating will appear as a number scored between 300 and 900; the higher the number, the better your rating.
The calculation is based on a number of factors, but the one that carries the most weight is your payment history.
When calculating your rating the credit agencies take into account whether you:
It’s recommended that you review your credit report twice a year to ensure there are no errors or omissions that may negatively impact your score.
Although it can be difficult for a small business to qualify for a business loan or line of credit – especially if you’ve yet to prove your company’s profitability – you may still be able to qualify for a company credit card.
A business credit card offers you an opportunity to build good credit at a low risk. Most likely you’ll be offered a card with a small spending limit at first. Use it wisely, and commit to paying off your balance in full each month.
As you know – based on how your credit rating is calculated – there’s no better way to establish good credit than to pay your bills in full and on time.
When it comes to improving your credit score, slow and steady wins the race.
To help you stay motivated, keep your long-term goals in mind. This will help you make the effort needed to save money, keep to a consistent payment schedule, and use your credit wisely.
And when it’s time to invest in scaling your business, opening another retail location, or purchasing new equipment, you’ll be set to apply for financing with confidence.
Get in touch with us to find out more.