Are you worried your credit score may negatively impact your chances of getting the business loan you need to grow? This is a valid concern as your credit report is a crucial piece of financial information lenders will review before they decide to lend to you.
Any major financial transaction you make, from applying for a credit card or opening a new bank account to repaying an EMI, gets recorded on your credit report.
Every time you apply for a business loan, lenders will do a hard pull of your credit report to assess how financially responsible you are, and if your credit score is low, that will have an impact on their decision to give you the business loan you need to grow. Improving your credit score takes time, but it isn’t impossible to do!
Some steps you can take to improve your score are:
- Don’t use your credit card too much
- Pay your bills on time
- Dispute any inaccuracies in your credit report
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