Entrepreneurs Know your FICO Score

As a former business loan broker, I've seen countless applications cross my desk – from starry-eyed startups to seasoned business owners. And one thing became strikingly clear: many entrepreneurs are dangerously unaware of how much their personal credit dictates their business's financial fate.

Let's cut to the chase: if your business is under five years old and hasn't yet established a robust business credit profile, your personal credit is often the only thing that stands between you and affordable funding.

Think about it:

• Small business loans: Banks heavily scrutinize your personal credit history.

• Business credit cards: Approvals and credit limits are tied to your personal creditworthiness.

• Business car leases: Lenders assess your personal credit to determine risk.

• Merchant processing accounts: Even these can be affected by your personal credit.

And the alternative? Funding options like merchant cash advances, factoring, and accounts receivable financing are notoriously expensive, fee-ridden, and often require daily repayments. These are a far cry from the favorable terms of traditional business loans.

The Power of Knowing Your FICO Score

This is why knowing your true credit score – your FICO score, the one lenders actually use – is absolutely non-negotiable. It's not just a number; it's the key that unlocks (or locks) doors.

• Goal Setting: Knowing the exact score you need allows you to set realistic goals for your credit repair efforts.

• Application Strategy: You can tailor your loan applications to match your strengths, increasing your chances of approval.

• Negotiating Power: Understanding your credit profile helps you negotiate better terms.

What Lenders Look For: Beyond the Score

It's not just about having a 720. (Though that's a sweet spot for many!) Lenders also dig into the details of your credit report:

• Credit Mix: They want to see a healthy mix of credit types:

  • Revolving accounts (credit cards): Aim for multiple cards with consistent, on-time payments for at least 24 months. More is better!

  • Installment loans: A loan with fixed payments, like a car loan or, ideally, a mortgage. Loans of $10,000 or more, paid over 24+ months (or even better, 60+ months), are viewed favorably.

• Debt Utilization: How much of your available credit are you using? Keeping this low is crucial.

MyScoreIQ: Your Credit Arsenal

That's why at Ten Dollar Credit Repair, we strongly recommend using a service like MyScoreIQ. It provides:

• Accurate FICO Scores: You'll see the same score lenders use.

• Detailed Credit Reports: You'll gain a comprehensive view of your credit profile, allowing you to identify strengths and weaknesses.

Ten Dollar Credit Repair: Your Partner in Credit Success

We empower you with the knowledge and strategies to:

• Repair your credit effectively.

• Present a compelling picture to lenders.

• Secure the funding your business deserves.

Don't let your credit be a mystery or a barrier to your entrepreneurial dreams. Take control!

We strongly recommend MyScoreIQ when you need to get your FICO score and when you are repairing your credit. Click this link to get your true FICO score: https://www.myscoreiq.com/get-fico-max.aspx?offercode=43214048