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We’ve talked about collateral, capital, and capacity. Today we’re going to talk about the single most important metric by which your credit worthiness is judged and is a big part of determining whether or not you get a small business loan. It’s number two on our list of “C”s:
On the list of five “C”s your credit score is listed as number two, but in reality, it should probably be listed as number one. Although there is hope for business owners with less than stellar credit, the options come at a cost. What’s more, on Main Street, most bankers are just as interested in your personal credit rating as they are your business rating (sometimes even more). With that in mind, here are a few pointers from Liz Weston and MSN Money:
Here are a few suggestions to increase your score:
Depending upon how bad your credit looks today, you might need to spend some time working on your credit. However, these tips will give you a head start.
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Tyler is a member of the Lendio marketing team. He is passionate about digital marketing, small business, and helping small business owners succeed. Tyler is an outdoorsman and loves spending time with his family.
Blog
4 min read • Aug 11, 2022