Check How Much You Know About Your Financial Credit Score and Bad Credit!

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10 Questions - Developed by: Sophie Morngan - Developed on: - 1.591 taken

A company might have a poor credit history because of various valid reasons. For example, many businesses suffered from a poor cash flow during the Great Recession of 2009-10 and to recover from such a heavy loss was a challenge. There are various ways to improve your low credit score such as, check business credit reports periodically, pay bills on time, be cautious with credit cards, incorporate your business, pre-pay bills when possible, run a lean, profitable business. However, now, the traditional thoughts of lenders is changing and they are coming out with good options of business loans that not only help you recover the bad credit but also set a path for establishing your new business or expanding it further. For more information visit: http://wallfunding.com/bad-credit-business-loans/

  • 1
    Your income has nothing to do with your credit score. It’s not reported to the credit bureaus or listed on your credit report
  • 2
    Late payments and other negative information remain on your credit report for seven years from the date of the initial late payment. Bankruptcies typically stick around for 10 years from the bankruptcy filing date. While that black mark may continue to soil your credit report, however, its effect on your credit score will lessen over time.
  • 3
    Bad credit interest rates are generally much higher the interest rates of loans with good credit rating. So, you have to find the best bad credit loan after analyzing all the info of the deal. It is good to seek the advice of bad credit experts in selecting the best bad credit loan for your needs.
  • 4
    Having good credit is a function of having credit available to you and using it responsibly. If you don’t have or use credit, you may have no credit history at all and if you do, your credit score won’t be as good as someone who consistently demonstrates responsible use of credit over time.
  • 5
    Like income, your checking, savings and investment account activity is not reported to the credit bureaus and does not affect your credit score.
  • 6
    Any time you pay a bill late or don’t pay it at all, that activity can be reported to the credit bureaus. Different companies have different policies about reporting late payments or negative information, but never assume that just because you’ve never seen a particular bill listed on your credit report that it can’t negatively impact your credit score if you don’t pay it.
  • 7
    Your income level has nothing to do with your credit report or your credit score. “It doesn’t matter if you make $200,000 a year or $20,000 a year,” says Guillot. “What matters is how you manage that money.”
  • 8
    Your credit score is designed to reflect your credit worthiness over time. If you take actions, good or bad, those actions are not necessarily going to significantly change your credit score immediately. When it comes to improving your credit score, there is little you can do immediately to make an impact. Instead, this improvement will take place over time as you make all payments on time, reduce your debt level relative to your available credit, lengthen your credit history and so on.
  • 9
    Only credit inquiries from potential lenders can impact your credit score. It is best not to apply for a lot of credit in a short period of time.
  • 10
    Most information stays on your credit report and counts toward your credit score for either seven or ten years.

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