How to Improve Your Credit Score
If you’ve ever tried to get a business loan or line of credit, you’re already aware that your credit rating is important. You may also know that it’s a lot easier to ruin your credit score than it is to raise it, but it is possible to significantly improve your FICO score. The steps below can help you improve your credit score in a relatively short amount of time.
- Check Your Report
It’s hard to improve your credit score if you don’t know what’s on your report. Check your report either directly through the three major credit reporting agencies (Experian, Equifax, and TransUnion) or through an authorized site like Credit Karma. Of course Plousio can help to when you fill out a funding request for you business.
- Resolve Inaccuracies in Your Credit History
Did you find something wrong on your credit report? Contact the credit reporting agency(s) who had incorrect information on your report and make them aware of the issue by filing a dispute. Getting a dispute resolved could take a while, so be prepared for a wait.
- Ask Creditors to Forgive Late Payments
If you made a late payment and your creditor reported it to the credit agencies, you may be able to keep it from lowering your credit score simply by asking the creditor to forgive the late payment. While this doesn’t always work and creditors usually won’t heed your request, it’s worth a shot! One late payment can have a serious negative impact on your credit score, so eliminating it can improve your credit score.
- Lower Your Credit Utilization Rate
One of the most surefire ways to improve your credit score is to pay down your existing debt. A big chunk of your score is determined by the amount of money you owe creditors versus the amount of money those creditors were willing to loan you (credit limits). Pay down revolving debt like credit cards, or even move balances around so you owe a smaller percentage of your credit limit on each line of credit.
- Don’t Make Late Payments
Make all future payments on time. Each on time payment is a step in the right direction. If you’re in a tight spot, try to work it out so that none of your payments are late by 30 days or more.
What Not to Do
Avoid opening several new accounts at once. Don’t apply for new credit lines unless you need them, and condense loan shopping to a short period of time so that you don’t have several hard inquiries on your report.
Time and responsible use of credit extended to you is the best way to improve your credit score long-term, but the tips above can help clean up your numbers fast.
Other Useful Resources By Plousio
- What is a business loan?
- Credit Score Explained
- Why borrow money to purchase business equipment?
- Business Loan Underwriting Explained
- Interest Rates & Factor Rates Explained
- Why business loans get declined
- Business bank account requirements for loans
- Preparing for a business loan
- Getting approved for a business loan
- How to qualify for a business line of credit?
How Does Plousio Work?
Plousio makes it easy to find a great small business loan with the most competitive rates. Simply answer a few questions, select a lender and fill out our account creation form and you’ll start receiving new offers right away! With 3 easy steps, you can get your death care business funded!
Step #1: Apply online or call 1-508-848-0534
Step #2: Receive the most competitive offers
Step #3: Get funded within 24 ~ 48 hours
Contact a Plousio Funding Adviser Today
If you need help with determining your funding eligibility or preparing application and documents, please contact our funding adviser today. Plousio funding advisers pride themselves in transparency and non-aggressive communication practices. They are not here to make sales quotas, instead, focus on helping you every step along the way of your funding process. In the unlikely event, you do not think that Plousio is the right solution for you, just let us know – No problem! We promise we wont be calling you 5 times a day like some other companies do.