Want Business Capital? Here's How!
by Business Money Today - May 11, 2009
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If your credit score is below a 700 + FICO - fix it! Make your current payments on time or catch up on late payments. Clear negative items. And, quit maxing out the credit you do have. Reduce current debt obligations - especially unsecured and revolving debt - showing your ability to manage the credit you do have. You would not believe how receptive financial institutions will be if you have an excellent credit score. If you can demonstrate that you will put repaying your creditors above all else - these financial lenders will take more of a chance on you and your business.
You can even consolidate your debt (even your unsecured debt including credit card balances) into one, monthly affordable payment - freeing up current cash flow while improving your credit history - the best of both worlds.
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Doing the items above is not easy or fast (besides the debt consolidation) - but you simply have two choices. You can apply for credit and get turned down - wasting both time and money and never getting anywhere or you can take that same amount of time and money - improve your creditworthiness - and move forward improving in realizing your financial dreams.
The game of lending has changed. I don't know if the days of the quick, easy loans are over - they may come back when the economy recovers or they may not - but for now - the game has changed and you must change with it if you want to get the capital you need to start, grow and succeed in business. If financial lenders are declining your request - find out why and fix the issues. You CAN take that to the bank.
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