What Can You Do To Improve Your Personal Credit Rating?
Anyone going through this process needs to have an updated copy of their credit report with their credit score, but you really want to get your credit scores, not just your credit report. Credit reports show your file, but do not compile your score for you.
I recommend http://www.GetMyFREECreditReports.com. For between $9.95 and $14.95 you get scores from the main credit bureaus: Trans Union, Equifax and Experian. These scores’ average determines your FICO score–the ultimate determinant of your personal creditworthiness.
To develop your business credit rating, begin with your personal credit and learn where you’re starting from.
Things may need to get worse before they can get better during the business credit application process. Even with strategies to control it, expect your credit score to drop up to 20 points from the inquiries you’ll be getting as you apply for credit.
Many people tell me they don’t want their good credit score to drop.
I’d rather lose 20 points on my score and gain $400,000 to grow my business than have a higher credit score and no cash.
Of course, down the line you can make up those 20 points. Research shows, that your chances of getting the “inquiries” removed from your file before their time is due is 50% no matter what you do or pay. Credit bureaus will send a request for confirmation of the inquiry to the creditor that requested it. The creditor has 30 days to investigate the inquiry and report back to the bureau.
There are ways to challenge the system that you can learn.
For example, one friend has $2 million in business credit, accumulated in a little over ten years. He discovered he had accumulated over a dozen inquiries. Every four months he set time aside to go after them himself and was able to take six or seven of them off. Then he could get another $200,000 in credit. Following this system got him to the $2 million dollar mark, showing that sometimes all you really need is patience.
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