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Do You Know Your Credit Score

Credit Report Infractions
It’s been told many times, take good care of your credit, I’m sure you have either heard this from your parents, friends, colleagues or the media.  As you already probably know, we are a credit driven society and your credit is your future wealth. What do I mean by this? Without credit, it may be more difficult or impossible for you to achieve assets or the ability to grow your net worth. Now I’m not saying if you have no credit or bad credit it’s not possible, but it is going to be a lot easier to achieve assets and acquire assets with better credit. Credit is used for just about anything, from larger and more expensive items like a vehicle and to something as simple as your groceries. But credit is typically given when proven it can be paid back. Do you know what your credit scores are? Do you know how to run your credit for free? If you are looking to get any type of traditional financing you will need to have some sort of established credit. There are some instances where lenders aren’t so fixated on credit scores. Your non-traditional lenders that offer business cash advance or unsecured business loans look at other areas of your business to determine if you are “creditworthy”. But it is still good for you to check your credit annually, you never know if you have become a victim of identity theft! The three major credit reporting companies or bureaus as they are known: Experian, Transunion, and Equifax. There are several sites that offer FREE credit reports like, and you can pull your reports once a year for free! It’s a great way to see what cards you still have open, if you need to close any and if there are any discrepancies. If you are in the market for a business loan, you will find it common they want to see relatively good credit from their applicants. In fact if you have less than perfect credit you will find it very difficult to get financing from a bank or credit union. Now there are alternative lending sources that do not require good credit.  These other lending sources will typically look at the gross sales for the past six months to one year, and will also review bank statements for other activities both positive and negative and from there the lenders will be able to get a bird’s eye view on the business and should be able to determine if they are willing to extend credit to the business. Time frames for approvals are a lot faster compared to banks; you can get approvals as fast as 48 hours and funding in as little as five business days. Try asking your local bank if they have turnaround times like that, I can almost guarantee they can’t meet those time frames. Even if there are alternate sources of credit that do not require good credit, this does not mean you should ignore your credit history. It is still strongly recommended you keep up with you credit. Credit isn’t bad; you can actually save money if you know how to properly use your credit.  In a previous post we mentioned how you can use your credit cards that offer cash back to save you money. If you are a seasoned business owner, you probably already have had an instance where credit came in handy and without it your company might have been impaired. If you’re interested in hearing more about our loan programs, please feel free to call First Capital Business Finance 888-565-6692 and one of our loan experts will be happy to answer any of your questions.
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