Advice About Bad Credit
At Fleet Lending Solutions, we want to help your business succeed because when you make money we make money. Sometime bad credit can be a deal-breaker but other times it is just a costly roadblock. The most simple advice that we can offer about bad credit is this: fix it or get comfortable with high rates.
We understand that bankruptcies, divorces, illnesses, or youthful indiscretions can blindside your credit. The best way to stop your bad credit from getting worse is to take every step you can to pay off old debts and make current payments on time, every time. Without devoting yourself to fixing your credit you won’t just lose money, you could also lose out on opportunities at better jobs and the ability to further finance your business.
Here are some simple ways to start getting your credit back in order:
- Settle collections that are less than two years old
- Keep low credit card balances, 30 percent or lower
- Maintain five to seven active credit accounts
- Buy from creditors who report your credit
- Create a budget and live within it
- Avoid payday and title loan companies
- Pay your bills on time
Long term bad credit is a choice and one that shows lenders you may not be serious about changing your ways, so start making an effort as soon as possible. It isn’t an easy trip back to good credit, but it’s worth it!
When you’ve cleaned up your credit, contact us at Fleet Lending Solutions to find out how we can help you finance the commercial equipment your business needs to remain competitive.