Why you should improve your credit BEFORE applying for an equipment lease or loan
https://www.leasefunders.com/articles/ways-improve-your-credit-before-applying-for-business-financing Why you should improve your credit BEFORE applying for an equipment lease or loan
https://www.leasefunders.com/articles/ways-improve-your-credit-before-applying-for-business-financing
Why you should improve your credit BEFORE applying for an equipment lease or loan
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Improve <strong>you</strong>r <strong>credit</strong> sc<strong>or</strong>e <strong>BEFORE</strong> <strong>you</strong> apply <strong>f<strong>or</strong></strong> <strong>an</strong> <strong>equipment</strong> <strong>lease</strong> <strong>or</strong> business lo<strong>an</strong><br />
When a possible <strong>credit</strong><strong>or</strong> pulls <strong>you</strong>r <strong>credit</strong> rep<strong>or</strong>t, they will learn a lot about <strong>you</strong>! Basic in<strong>f<strong>or</strong></strong>mation like<br />
<strong>you</strong>r address, employment, <strong>an</strong>d <strong>credit</strong> hist<strong>or</strong>y. Details about <strong>credit</strong> hist<strong>or</strong>y would be their main concern.<br />
They will look at <strong>you</strong>r <strong>credit</strong> sc<strong>or</strong>e <strong>an</strong>d if its below a 650 <strong>you</strong>r lo<strong>an</strong> <strong>or</strong> <strong>credit</strong> card request will be listed<br />
under high risk. That is why, it is imp<strong>or</strong>t<strong>an</strong>t to maintain a good payment hist<strong>or</strong>y with lenders. The higher<br />
<strong>you</strong>r <strong>credit</strong> sc<strong>or</strong>e, the easier it will be to get fin<strong>an</strong>cing <strong>an</strong>d the rate will be cheaper th<strong>an</strong> someone with<br />
bad <strong>credit</strong>.<br />
If <strong>you</strong> have bad <strong>credit</strong>, its in <strong>you</strong>r best interest to <strong>improve</strong> <strong>you</strong>r <strong>credit</strong> be<strong>f<strong>or</strong></strong>e <strong>you</strong> apply <strong>f<strong>or</strong></strong> a <strong>lease</strong> <strong>or</strong><br />
lo<strong>an</strong>..<br />
35% of <strong>you</strong>r <strong>credit</strong> sc<strong>or</strong>e is based on <strong>you</strong>r payment hist<strong>or</strong>y.<br />
There are no big secrets to having a good <strong>credit</strong> sc<strong>or</strong>e. Paying <strong>you</strong>r debts on time is one of the biggest<br />
fact<strong>or</strong>s. You maybe saying to <strong>you</strong>rself, ok that’s fine but I’m looking <strong>f<strong>or</strong></strong> in<strong>f<strong>or</strong></strong>mation on how to fin<strong>an</strong>ce<br />
my start up business. <strong>Why</strong> <strong>should</strong> I care about my consumer <strong>credit</strong>?<br />
Well <strong>you</strong>r business is new. It has no <strong>credit</strong> so the b<strong>an</strong>ks don’t know how well <strong>you</strong>r new business will be<br />
able to pay its bills So lenders will use <strong>you</strong>r personal <strong>credit</strong>. And if <strong>you</strong> have bad <strong>credit</strong>, if <strong>you</strong> have the<br />
time, its w<strong>or</strong>th it to fix <strong>you</strong>r <strong>credit</strong> be<strong>f<strong>or</strong></strong>e <strong>you</strong> apply <strong>f<strong>or</strong></strong> a <strong>lease</strong> <strong>or</strong> a lo<strong>an</strong>.<br />
Yes there are b<strong>an</strong>ks that will fin<strong>an</strong>ce bad <strong>credit</strong>, heck, we w<strong>or</strong>k with all of them! But the rates are higher<br />
<strong>f<strong>or</strong></strong> bad <strong>credit</strong> people since they pose a higher risk.<br />
One of the best ways to keep <strong>you</strong>r <strong>credit</strong> sc<strong>or</strong>e high is simply pay <strong>you</strong>r <strong>credit</strong><strong>or</strong>s on time. Late payments<br />
<strong>an</strong>d skipped payments c<strong>an</strong> decrease <strong>you</strong>r sc<strong>or</strong>e by several points. If irregular payments become a habit,<br />
<strong>you</strong>r <strong>credit</strong> sc<strong>or</strong>e will continue to diminish.<br />
If possible, submit payments a couple of days ahead of the due date.<br />
Reduce Debts <strong>an</strong>d Maintain Low Bal<strong>an</strong>ces<br />
Too much debt will have a negative impact on <strong>you</strong>r <strong>credit</strong> rating. Most customers with maxed out <strong>credit</strong><br />
cards are able to keep up with minimum payments. However, excessive debts make prospective lenders<br />
nervous. In cases like this, it may be tough to obtain prime rates on home lo<strong>an</strong>s <strong>an</strong>d auto lo<strong>an</strong>s.<br />
Low <strong>credit</strong> card bal<strong>an</strong>ces will not have a damaging effect on <strong>you</strong>r <strong>credit</strong> rating. Consumers are invited to<br />
maintain <strong>credit</strong> bal<strong>an</strong>ces below 25 percent of their <strong>credit</strong> limit. If <strong>you</strong>r bal<strong>an</strong>ce exceeds this amount, take<br />
the necessary actions to reduce debts. This may include paying triple the minimum payments,<br />
tr<strong>an</strong>sferring the bal<strong>an</strong>ce to a 0% interest <strong>credit</strong> card, <strong>or</strong> obtaining a debt consolidation.<br />
Ways to Safeguard Credit Rating<br />
In addition to boosting <strong>you</strong>r personal <strong>credit</strong> sc<strong>or</strong>e, cautious <strong>credit</strong> rep<strong>or</strong>t monit<strong>or</strong>ing is essential. Sadly,<br />
millions of individuals become a victim of identity theft <strong>an</strong>nually. Proving identity theft is difficult. Thus,<br />
victims often have to live with the ramifications of having their identity stolen
Need m<strong>or</strong>e help in fixing <strong>you</strong>r <strong>credit</strong>. Check out the site BadCreditResources.com They have lots of<br />
in<strong>f<strong>or</strong></strong>mation on how <strong>you</strong> c<strong>an</strong> <strong>improve</strong> <strong>you</strong>r <strong>credit</strong>!