Updated: Jun 26
If you're a small business owner looking to improve your credit, there are several strategies you can employ to do so. First, make sure to pay your bills on time. Late payments can bring down your credit score, so do your best to stay on top of them. You can also consider taking out a loan or line of credit to help build up your credit score. This will demonstrate to lenders that you are a reliable borrower. Additionally, consider enrolling in a credit monitoring service to make sure that negative information isn't hurting your credit score.
Here are some additional tips to help you improve your credit fast:
Check your credit report and look for any errors or mistakes that you can dispute.
Pay your bills on time and in full to reduce your overall debt.
Pay off any delinquent accounts to reduce your debt-to-credit ratio.
Keep your credit utilization ratio low by using less than 30% of your available credit.
Ask for a credit limit increase to reduce your credit utilization ratio.
Don't open any new credit accounts unless absolutely necessary.
Consider a balance transfer to take advantage of lower interest rates.
Make sure to use any new credit cards responsibly.
Finally, be patient and make sure to keep up with your payments. Improving your credit score takes time, but following these tips can help you get there faster.
It’s important to stay on top of your bookkeeping to ensure you don’t make these costly mistakes! We can help!
This blog is meant for educational purposes only. Articles contain general information about accounting and tax matters and is not tax advise and should not be treated as such. Do not rely on information from this website as an alternative to seeking assistance from a certified tax professional. Perlinger Consulting partners with certified tax professionals to assist our clients.