It is very important to have a good credit score when applying for a small business line of credit. Or an unsecured personal line of credit or a small business loan.
That said, having a bad credit score can hurt you in every area of your life as well, not only when you are trying to find a credit card, a home mortgage, or even an unsecured business loan.
For example, employers in many circumstances can and will run credit report checks on job seekers, and a bad credit score might be a deciding factor in getting the position you applied for or if it would go to an equally- a qualified candidate with a stronger credit score.
If you need to rent real estate, or buy or lease a vehicle, or even buy a new cell phone -- you guessed it -- an unsatisfactory credit score may hurt you.
So, What Will Hurt My Credit Score?
Maxing out your credit cards and lines of credit - try not to borrow or charge more than 50 percent of your credit maximum. If you go higher than that, it can hurt your current credit rating. Bottom line, never charge your cards to the limit.
Late payments -- late payments will be harmful to your current credit score. Payment history makes up roughly 35 percent of your credit rating. In order to help make certain that you never skip a payment, turn on autopilot - arrange so that you can have all or most of your current payments withdrawn automatically out of your bank account. That way you under no circumstances have to be troubled that your payment has been made.
Applying for a bunch of credit cards or loans -- applying for a number of credit cards is usually a warning indication to lenders (if you're intending to apply for more than one particular card, it has been advised you implement it all on one day).
Closing down old credit card accounts -- lenders really want to observe an extended repayment historical past. The longer you have an account open and also have made on-time monthly installments, the more this assists your credit .
Having a tax lien .
Declaring chapter 7, chapter 13, or chapter 11 bankruptcy.
What Exactly Is A Good Credit Score?
A score higher than 700 is usually considered excellent.
600 to 690s - okay, nonetheless not best. These days, due to tightening borrowing criteria, may not be adequate to get you approved and undoubtedly not for the best interest rates and terms.
Beneath 600 - you're considered a high credit risk.
Under 550 - you are viewed as a very poor credit risk.
Overall, prior to things getting so bad - seek advice from a consumer advocacy attorney and negotiate with your creditors. This can perhaps save you from a disastrous credit score which affects you for up to a decade.
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