When you start a business, you put your personal life under the microscope. Nowhere is the microscope effect truer than in your financial life. Do you know how your personal credit score affects a business loan application?
When you launch a company, it has no existing credit score. To determine whether or not you’re worthy of credit, lenders may look instead at your personal credit history. The lender is considering you, the potential proprietor, to gauge your risk as a borrower. An excellent personal credit score is a sign that you are responsible, pay bills on time, and value your financial picture.
Bad credit doesn’t need to set you back forever, but it does take time to improve. The first time you stop to think about your credit score shouldn’t be right before you head to the bank to apply for a loan. Credit repair work should be done well in advance, just as you are completing other business tasks like market research and a profit-and-loss analysis.
Consider Scorewell as your personal concierge in full credit repair and your coach on credit education. Our team’s expertise and electronic disputing technology have successfully removed every form of negative credit including bankruptcies, tax liens, judgments, foreclosures, and repossessions.
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