Business Credit Repair
You started a business and everything seemed like it was going great. You had a name, logo, and a small building that you were going to be working out of. Already had an employee lineup that you were ready to hire. This was going to finally be your chance to do what you always wanted to do. Then it didn’t work out quite so well.
A poor deal gone wrong here. A bad month there. Loans that seemed like surefire wins turn out to be burdens that you can’t possibly pay back. You’re deep in the hole and on the verge of having to close shop. What are you going to do?
At Shamika Saves I have seen plenty of cases like this. Businesses that went bankrupt, had to close down, or are on the verge of failure because they just can’t seem to get their funds together. What makes it even more challenging is these same businesses are unable to receive relief in the form of a loan due to poor business credit.
When you have poor business credit, like regular credit, you become less reliable to give out loans to. If they are willing to give you a loan then it comes with a high interest rate. Of course, anyone in business knows that a big part of accepting loans is that you need time to build up the money to pay it back so high interest rates will only further put you in the credit hole.
Stop taking on poor loans. Stop fearing the end of your business. If you are ready to start over then speak with me at Shamika Saves.
I am a credit specialist in Melbourne, Florida with an expertise in financial advice. I can provide you with guidance on how to take your business and get it back on track financially. Especially when it comes to your personal or business credit.
At Shamika Saves I will:
- Teach you the rules of business credit
- Give you business credit advice
- Offer advice on keeping your business credit in good standing
- Give business credit tips
When your business credit is in a poor state you are going to constantly be in a state of insecurity. How do you fix that credit and what steps do you need to take to ensure that it is fixed? While no credit profile is the same there are a few tips that Shamika Saves can give you for repairing your business credit.
Take Out And Pay Back A Loan
It is not going to be easy to receive a reasonable loan when you are in poor business credit standing, but sometimes the ends justify the means. While you may feel like you’re just burning money away by taking out a loan in this state you are in reality fixing your credit.
For every loan you pay back on you are taking steps to fix your credit. This may also help you stop the bleeding of your overall business now that you have a source of reliable income again via that loan. The loan will act as security for when you really need it.
Do you feel that a loan is not enough to save you? Then see if you can qualify for a business credit card. It works like a normal credit card and all you really need to qualify for one is a business bank account. Every payment you make on that card will go towards your credit. Stop paying for expenses with checks and cash. Instead, use credit and once your credit is off the ground you will be able to qualify for a loan again.
The goal here is to give yourself opportunities to prove that you are creditable. You do this by paying back what you owe. This includes any current debts you may have. By paying off these debts you are participating in business credit repair.
Change Tax and ID Numbers
If you feel that your business is failing and that you’re in need of a change then sometimes it’s worth just starting over. When you change your tax and ID numbers for your business all of your business credit will not transfer over to the new tax or ID number.
In a way, this can be a strategy for someone that feels they are so deep into the hole on business credit that they will never be able to fix it. Of course, this could also mean one of the following could happen to you:
- You’re subject to a bankruptcy
- The business becomes incorporated
- You operate your business as a partnership
- You purchase, or inherit, a business and operate it as a sole proprietor
If anything like bankruptcy or purchasing a business takes place then you are required to get a new EIN and in turn, have a new business credit profile. This can salvage the credit profiles for many of you.
Of course, this may mean that you have to file for bankruptcy for your business which in itself can be a lengthy and sometimes expensive process.
Learn more about business credit and business credit cards from my YouTube channel.
If you have your own business but feel like your business credit is in need of repair then contacting me and Shamika Saves is the best way to handle your situation. Give me a call at 254-702-5426 or use my online contact form. Want to send me an email? Send it to firstname.lastname@example.org.
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