Can You Get Business Unsecured Credit for Bad Credit Scores?

If you are a business owner who has a personal bad credit score, you may feel like there is no hope for you to get unsecured credit for your business. This is wrong. You can get unsecured credit for bad credit scores if you know some of the tips and tricks involved. It can be really difficult to be a business owner and have to rely on a bad personal credit score in order to get money. Many people have low scores due to things that happened in their lives many years ago and are now on a much better road. You will need to show your potential lenders that this is the case for you in order to get unsecured credit for bad credit scores.

One of the best ways to get unsecured credit for bad credit scores is to not use those credit scores. Since this score is likely your personal credit score you are dealing with, pushing that aside and focusing on your business credit score can be very beneficial. If you do not know if you have a business credit score, you should definitely check that out. Typically you will need to have an established business as well as some sort of financial account that is in the name of the business. If you don’t have this, do it now. It is fairly easy. Once established with a bank account in your business name, you should start paying a bill or two in your business name, such as the electric bill. Each time you pay on time, you gain credit. Over a few months of paying on time you should have a nice credit score building up for your business. This is the score you can use to get unsecure credit in the future.

The above listed method can take some time. If you are looking for a quicker way to get unsecured credit for bad credit scores you may want to consider finding a co-signer. A co-signer will be someone who has a good credit score, at least at 650 or above, and who is willing to put their financial well being on the line for you. It is important that this person knows that if you don’t pay your loan off, the lender will come after them for the remainder of the loan. It can be difficult to find someone willing to do this, but if you can, you should take advantage of it as you will get lower rates, be able to build up your own credit and get the loan you need.

A final way to get unsecured credit for bad credit scores is to just wait and build up your personal credit scores. When you take the time to build up your scores you will have a much better chance at getting unsecured credit and loans than getting unsecured credit for bad credit scores. When you focus on getting your personal credit score up, lenders will take notice of this after several months and be more likely to give you unsecured credit.

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