10 Credit Score Tips for Small Business Owners

As a small business owner, a few things have to be done to keep your business in line for your operations. You’ve probably got a list of items that you have to take care of to complete your infrastructure or things will not go as steady as you would like them. Here are a few things to keep track of, just in case you may have missed them.

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As you put your business together

It won’t be easy, especially if you are buying supplies and getting ready to open. Try not to use your credit cards. If you have a business loan, and you have things set up for payment on a certain date, then stay true to those fees and payments.

It looks good to the creditor to keep the payments on time. Save a bit of your loan money to make those payments. If you aren’t open yet, then make sure you have those payments paid. It keeps them happy, and makes you look like the rock star that you are.

Did you choose a bank?

Whether you choose a bank or a credit union, make sure you are comfortable with your decision. You have to feel safe with your choice and be ready to do business with them on a daily or at the very least, weekly basis.

Keep debt low

We both know that you are trying to stock shelves, or get things ready to go. Whether you have a restaurant or a clothing store, or even something online. Whatever your business is, try to keep your debt low. Opening something with the bare minimum may not help you in the long run, but if you CAN open without something, try. That way the business will pay for it, instead of your credit.

If at all possible

Try to have all your personal debt paid off. That way, as you are looking for credit for your business, it will look better that you have no debt. If you can’t get it all done, do your best to look good to the creditors that you will be shopping your business with.

Establishing lines of credit

When choosing a line of credit, you need to decide which ones will work best for you. Do you need something traditional, like a loan? Will credit cards work just fine for you? Or would you rather work with a merchant cash advance program. Do your research and figure out which one will be the best option for you.

Keep an eye on things

Check on your credit often. Make sure no one has duped you and is stealing from your credit. Check for those fraud seekers.

Monitor

Always check over your things to insure you are the only one with things in your name. Fraud is an ugly name, and you want to make certain that you are the only one using your business name and your personal name.

Build credit with suppliers

Something that a lot of business need:  supplies. You as the business owner will need to find the right suppliers for you and build accounts with them. You won’t always have capital to pay right at the moment of delivery, so get some accounts to help yourself out in the future.

Diversify yourself

In all this mess known as business, you will of course already recognize the need to have several forms of credit. From your credit cards, your accounts with suppliers and of course the work you do with your bank. The price of doing business comes in many forms of credit.

Keeping it all under control

You had it under control when you started your business, now the trick is to keep it under control while doing business. It’s a juggling act, and one that you have to do well. Keep everything paid, and if an issue arises, keep in contact with them. They appreciate you when you do. It looks good to them and keeps you in good standing.

If you can manage to do all those things, your business will not only run smoothly, it will flow like a river of success. Keep it going, your time is spent wisely for something you enjoy doing.

Author Bio:

Blair Thomas is an electronic payment expert, who loves all things finance and planning.  He is also the co-founder of eMerchantBroker.com, the #1 high risk processing company in the country. But when he’s not running his business he’s more than likely exploring his other passions; music, mountain biking and camping.  If you would like to see what he’s up to, check him out on Facebook.

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