4 Ways New Business Owners Can Improve Their Business Credit Score
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4 Ways New Business Owners Can Improve Their Business Credit Score

Starting a new business takes a lot of guts. Congratulations, you’re on your way, but building your business credit score can be difficult. As hard as it may be to improve a bad or low score, it is essential for major business improvements such as acquiring investors and financing. You may be looking at your credit report in dismay, disbelief, and with no hope, but rest assured, your business credit score can be raised in no time! Here are 4 simple ways to get you started!

Monitor Your Balances

One of the best ways you can improve your business credit score is by getting your existing credit card balances under control. Paying your bills and minimum monthly payment on time is great, but paying down your balances when you can to under 10% will increase your overall credit score tremendously.

Keep Your Credit Lines Open

When you find yourself and your business in a bind, your first idea may be to cancel your credit cards and close your credit lines, but not so fast! Canceling your accounts will cause your overall credit line to decrease dramatically, in turn, negatively impacting your overall credit score. Instead, try paying off your balances steadily or consult a credit professional to figure out the best steps to take.

Pay All Bills On Time

It seems like a no-brainer, but the number one way to improve your credit score is simply by paying your bills on time. Sure, there are times when we just can’t pay and will put it off an extra few weeks or sometimes, the payment simply slips our mind. These things happen, but in order to see your credit score improve fast and steadily over time you need to be on top of your payments. No matter how large or small, making appropriate payments when due or even in advance will give you great results!

Monitor Your Credit Report

The easiest way to know what you need to do to see improvement to your credit score is by constantly monitoring your credit report. Are there mistakes on your report? Is that chargeback incorrect? Has that item in collections been paid off? Take the time to make sure your report is correct and up-to-date.

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