Happy New Year to you and your credit!
If this year you’ve promised yourself to expand your business and have better credit, Financing Your Way can help by getting you the business loan you need. This year, don’t just talk about improving your financial situation, DO IT! Your credit and your business will thank you. Below are some tips to improving your personal credit using business loans:
Check Your Credit Card Statements and Credit Report
Your credit scores are very important, so don’t ignore them. Credit scores determine what type of loans you can obtain. It is better to know your scores, whether they are good or bad. Keep in mind that at Financing Your Way, you can get a business loan with bad credit.
Another very important task is checking your monthly credit card statements. Credit card fraud is prevalent and hackers are at large. Don’t be a victim.
Obtain a Business Loan
When it comes to improving your credit scores for the New Year, a business loan may be the key. Borrow a small amount, such as $5,000. Make sure you maintain a positive payment history to ensure the loan improves your personal credit. When you develop an extensive history of on-time payments your scores will increase, likely putting you in an even better position to secure your future loan needs.
Pros of Business Loans
Low interest rates are available for business loans, as your credit improves. In general, the rates on business loans are often better than the rates on credit cards. Financing Your Way can help you get the funds you need for your business fast. The process can take 2-3 business days and same day funding is available in some cases.
Business Loans Help with Credit Utilization
You may improve your credit score if you replace your credit card debt with a business loan. How does it work? A business loan has fixed repayment terms, as opposed to credit cards which are revolving loans with no fixed repayment terms. You are always decreasing your debt with a business loan. Since lenders evaluate the debt to available credit ratio, utilization it will have a positive effect on your credit scores.
Reporting to Credit Bureaus
Timely payments for your business loan will be reported to the credit bureaus. A business loan will help by creating a more varied mix of credit types, which helps to increase your credit scores. Financing Your Way can help make 2018 a great credit year for you with a loan for your business needs.