New Business Funders- Tips to Improve Credit Scores for Entrepreneur’s

PHOENIX, AZ / ACCESSWIRE / September 28, 2016 / One of the greatest challenges facing the entrepreneur is raising capital to start and operate a new small business. Traditional lending sources look to revenues, cash flow, assets, etc. to justify the typical business loan. The start-up doesn’t have these items, yet.

According to Troy Bohlke, CEO of New Business Funders LLC, “the entrepreneur is in a bind. He has no business results to point to, since he is in a start-up phase. He usually has to rely on friends, family and, especially, his own credit report to qualify for a business loan.”

So what is an entrepreneur to do?

First, learn what it takes to improve your credit report. You must be current on all personal loan payments, with an excellent payment history. Credit card balances need to be low – ideally no more than 30% of credit limits. The overall amount of debt is an issue, as is the credit mix (types of debt). Also, there should be no derogatory items, such as loan defaults, collections or too many credit inquiries. All of these items help to determine the FICO score, which is an industry guideline for rating credit. The FICO is used by the three major credit reporting bureaus: TransUnion, Experian and Equifax. While they all use this rating system, the scores each provides may vary slightly from the others.

Unfortunately, it can take time to resolve some of these items. It took time to get where you are, so it may take some time to change direction, especially your credit history.

An option provided by New Business Funders, LLC is a reputable credit restoration service. For those who understand the credit industry, it is possible to have certain items challenged or removed. This results in a quick improvement in the credit score. At New Business Funders the threshold rating is only 680, a relatively modest credit score.

But what if I can’t get my score up fast enough? With credit restoration, you can get a quick bump up in 30 days. For some this is still not enough. The best advice is to seek a partner who has a strong credit rating to bolster your combined scores. Obviously, the higher the FICO score, the lower the interest rate on any loans.

A word to the wise. Get a line of credit as soon as possible, even if you don’t need it yet. It will always be there as a back-up for growing your business.

To get more information on how to quickly bolster your credit score, please contact New Business Funders LLC at 1-855-680-3426 or ext 101 or email funding@newbusinessfunders.com.

Media Contact:

10 Day Media
Sarah Patyk
480-584-2909

SOURCE: New Business Funders, LLC

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