9 Ways to Better Business Credit: Get a Business Cash Advance

Both good personal and business credit scores are important for merchants. So, how can you improve your credit? Who can help you get a business cash advance even if you have poor credit? No worries! Just find the answers below!

Get a Business Cash Advance Even if You Lack Good Credit

Do you have low credit scores? Well, this can very often put rocks on your way towards your business success. It’s no surprise that building business credit will make it easier for you to get approved for financing with favorable terms and rates.

In addition, higher credit scores will enable you to position your company for better payment terms with new vendors and suppliers. Besides, you won’t be obliged to prepay for purchased products/services each and every time.

By the way, did you know that your company information can be available to other smaller business credit bureaus apart from the 3 major credit bureaus, Dun & Bradstreet, Equifax, and Experian?

Well, what are the right steps to take to improve your credit? First of all, never fail to stay on top of your business score (typically 0 – 100, where 80 is regarded as excellent). The lack of enough business credit score will make lenders rely heavily on your personal credit score.

The good news is that there’re reputable high risk business funding providers or alternative online lenders that’re ready to work with hard-to-approve merchants. So, with a true business funding professional that knows your high risk business best of all, you can get a business cash advance or other financing solutions with ease.

How to Improve Your Business Credit

Now, let’s see what you can do to avoid causing damage to your credit:

  • Regularly check your credit. Your credit report copy is available for free both with Dun & Bradstreet; Equifax; and Experian.
  • Through constant monitoring, ensure there’re no errors or fraudulent activities on your credit report.
  • When applying for business credit, avoid providers that don’t report to at least 1 major business credit bureau.
  • Never be late on your payments. Otherwise, you’ll be taken as an irresponsible person who can’t manage his/her finances effectively. However, there’re cases when paying earlier is beneficial.
  • Add Inc. or LLC. to your business to legally separate your business credit from your personal credit.
  • Don’t let the revolving debt increase. Keep the debt levels low to make your credit utilization less, thus increasing your credit rating.
  • Open more than one business credit accounts, e.g., credit cards and loans, without violating the rules and being late on payments.
  • Don’t close off your credit accounts and delete them from your credit report just because they’re paid.
  • Avoid risks, e.g., financial activities, that’d make things worse for your business by, e.g., making your creditors or card issuers stay away from you.

To sum up, your business credit ratings play an amazingly important role in getting access to capital to start a business and take it to the next level. So, make sure to take the right steps and work only with a reputable funding provider to avoid running into obstacles.

Author Bio: As the FAM account executive, Michael Hollis has funded millions by helping merchants get business cash advance solutions. His experience and extensive knowledge of the industry has made him finance expert at First American Merchant.

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