Your credit score can be easily damaged, and the damage tends to stick around for a while. Just one missed payment, or going over on your credit card limit by a couple of dollars without realizing it, can cause considerable damage to your credit score that’ll still be visible to potential lenders years down the line. Many people who are now great with managing their money find that their credit score is tainted due to mistakes that they made whilst they were young; for example, if you took out a credit card in college that you struggled to repay on your student budget, then this could have a huge negative effect on you in later life. You may have problems if you try to buy a new house, or start your own company and want to borrow a business loan from the bank.
For business owners, having a glowing credit score is often essential – not only does this make it easier to get business credit cards and secure borrowed funding to help your business get off the ground, it also minimizes your chances of running into financial problems in your personal life that could quickly influence your business.
So, whether your credit score has a little bit of past damage or has been completely screwed up, repairing it should be your priority. We’ve put together some top tips to help business owners repair their credit scores to help their company.
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