Want to start business - how can i improve my credit score

So far I've been refused credit by most credit card companies and banks. The credit I do have available is always high. I wanted to start a business in 2014 and require initial capital to get it off the ground. Most of the banks have checked my business plan and have praised it but I cannot escape my past credit history. Can any offer me any advice on how I can overcome these low credit score problems so I can finally start my business.

I overcame similar problems with my credit score. One suggestion I can make is paying off smaller debts so you have less creditors on your account. I had a number of smaller debt where I was making the minimum payments. Once I paid these niggling debts off my credit score started to rise slowly but surely. My guess is credit card companies associate more risk to debtors with multiple accounts as its harder to manage. Good luck with your business. I hope you get it off the ground in 2014 and I'm sure other active forum contributors will chime in with their suggestions.

Hi @Oasis - This is a problem a lot of people are facing so you are not alone. When I got my free copy of my credit report I found a lot of information was not up to date. Some of the debt which I had paid off still remained on the report as open! Fixing some of these errors if there are any could help to increase the credit score. Every little helps. I agree with @Shobir - you need to go through the report thoroughly. Sometimes the basic report does not have all the information so it might be a good idea to pay a little extra for the comprehensive report. This is very much a long term process small changes can lead to big differences in your score.

I feel your pain! There's nothing worse than having a great business plan that you cant get off the runway because of credit problems. I read a lot of posts on personal finance and the advice I would offer you is consolidating any debt you have. If you have multiple creditors it is better to consolidate all the debt to one creditor. Call your credit card and loan companies and check to see if they are willing to take on the extra debt. Only consolidate if the average weighted rate is lower. It might take some time finding banks or credit card companies who will take on the risk so just persevere. The reduction in the number of creditors and the fall in the average weighed interest rate should improve your credit score.

Have you tried looking for investors instead of taking on a business loan? If your business plan is great you could get some investors aboard through crowd funding sites. If you're not willing to give away equity I would suggest trying something that might help. I was able to improve my credit score by a small amount by reducing the interest rate on all my borrowings. I called up all my credit card companies and explained that I had been making good progress towards clearing my debts. I was making payments on time and paid more than the minimum payment. Most of the companies reduced my interest rate and offered me better rates of finance. A month later when I checked my credit score it had jumped quite a bit. I am convinced that this rate reduction exercise was the reason. Anyway try calling your creditors, what have you got to lose? You could save money and improve your credit with a few phone calls. I think the risk return is worth it.

Hey, I'm always on the hunt for ways to improve my credit score so I can borrow more money. Most of the money I borrow is invested in property where I use the rent to cover the interest and repayments so I can be left with a profit. Something that helped me raise my credit score was closing superfluous credit accounts. I was surprised to see so many credit accounts which were dormant. Store cards, buy now pay later cards which I had never used for a long time were still showing. By closing these accounts and only leaving a handful open I was able to raise my credit score considerably. I agree with @Shobir, go through your credit file with a microscope and close any dormant accounts so you have less creditors.

This might sound very obvious and I hope I'm not shot down for stating the obvious so hear goes! Do you pay your balance off in full and on time. Also if you have a large balance do you make payments which exceed the minimum payments. Credit card companies love customers love people who make a payment before the due date, making slight overpayments also shows commitment. If you're not already doing so I would suggest making payments a couple of weeks before it is due while making slight overpayments. Hope this helps. Also monitor your score on a monthly basis.

I made credit card payments on time and always paid more than the minimum payments. I've never missed a payment. I was shocked to find that I had a poor credit score despite managing my finances properly. After probing further I found that my credit reference agency was associating my account with other people who lived under the same roof or had done at a previous time. I quickly got the paperwork to disassociate myself from these people and my credit score reflected my circumstances. I'm not aware of your personal circumstances however just check to make sure your credit score isn't being dragged down by others.

I've had my share of bad credit and I sympathise. Banks don't even look at you and are unprepared to work with people with bad credit. When my financial circumstances improved my credit score did not reflect this. I sent in a financial statement to banks and credit card companies which showed my income and expenses. I also set up automatic transfers from my bank account to pay any balance off in full. I called all my creditors and supplied them with the information. After taking these steps I noticed a rise in my credit score. I am not sure if this was the reason but after months of staying the same the rise seemed more than coincidental. Try taking these steps to see if you notice a change.

If you don't have debt but still want to build your credit you could apply for prepaid cards from Visa and MasterCard. These cards usually come with an annual fee but are worth it as your rebuilding your credit over time. You could also open credit accounts with buy now pay later catalogs which offer easy credit accounts. You can shop and then pay the balance off in full. This should in theory lead to a higher credit score. If you try this let us know!

I'm not really interested in giving away equity and share. I would want complete control. I have checked the crowd funding sites but decided it was better to get a loan.

I have not considered getting a prepaid card but it makes sense. I don't have any debt at the moment but due to my past disaster with money I have been screwed over by the credit reference agencies. Will definitely try this. Thanks

Thank you SPYGENIUS for excellent customer service. My husband Wayne did the boost the end of September we have had our two boost now and we are happy to say we are going to closing this month. We needed that boost went from 581 to 780 on Transunion 820 pts Now we are in the Green Excellent range. Next step to get in the Green. But this is enough to do what we wanted to do buy our house. Thanks again and people it works don't hesitate on this boosting works at SPYGENIUS.HACK at GMAIL dot COM or text (9 4 9) 6 1 4 - 5 5 8 8

Thank you SPYGENIUS for excellent customer service. My husband Wayne did the boost the end of September we have had our two boost now and we are happy to say we are going to closing this month. We needed that boost went from 581 to 780 on Transunion 820 points. Now we are in the Green Excellent range. Next step to get in the Green. But this is enough to do what we wanted to do buy our house. Thanks again and people it works don't hesitate on this boosting works at SPYGENIUS.HACK at GMAIL dot COM or text (9 4 9) 6 1 4 - 5 5 8 8

Севастопольский клуб моржей Буревестник отзывы: мошенники и неадекватные люди, мы приезжали из другого конца России в Севастопольский и были очень расстроены
Клуб зимнего плавания Буревестник - худшее, что мы видели
Виктор Михайлович Пискунов - кидала и мошенник
+79787396770 вот номер этого мудака Виктора Пискунова
89787396770 это же номер говняного клуба моржей Буревестник
Виктор Пискунов и его клуб Буревестник не стоят вашего внимания