First you need to take some time to review your credit history by obtaining your report from one of the three recognized credit bureaus. Really scrutinize your business habits that have led you to earn less than desirable credit. Seeing the report can also help you recognize how you can break these patterns so you can make progress towards improving your credit.
While accumulating some debt is okay, you don’t want to have too much. Paying down the amounts you owe can be very helpful in improving your credit score and getting approved for Texas Commercial Loans in the future. Look at your budget and try to tighten your expenditures so you can put a little more money towards paying down your debts each month. If you have several credit outlets to which you owe, you may also be able to roll them into one so that you can negotiate better interest rates and terms of repayment. Having just one payment can also help you stay organized, and make sure your payments are timely.
Be upfront with suppliers or vendors about your situation, and ask the ones you have good business relationships with to make a report on your behalf. It’s important that your payments to your suppliers and vendors are always made, and made on time. Being in good standing with vendors and suppliers can help give your credit score a much-needed boost.
Closing your unused accounts can also make an impact on your credit score and ultimately make your company more likely to be approved for Commercial Loans.
Take the time to review your accounts and make the request to close any that you are not actively using and that have been paid off. Be sure to request a letter from the creditor that proves the account has zero balance and has been closed.
You need to recognize that repairing bad credit isn’t always easy, but securing Texas Commercial Loans is a lot easier with a solid credit score and clean record.
You will need to make some significant changes to the way to handle your business finances and even day to day business activity. But it can be done, and it’s worth it — with good credit, you are able to earn better loan terms and rates and ultimately you will have better business opportunities for your company. So what are you waiting for? There’s no time like the present to start a good habit!
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.