As you look to the future for your business, needing additional funding for expansion, growth, or remodeling means you’ll need to apply for a loan. Since your credit score will affect your ability to get a loan and your interest rate, it’s essential to make sure it’s at a certain level. According to a poll conducted by Nav, small business owners are 40% more likely to have their loan requests approved when they know their credit score and how the ratings work when they apply. For example, if your credit score is 650, you might get a loan but you won’t get the lowest interest rate. Having a score over 700 is important for obtaining lower rates, with a 750 minimum guaranteeing you the best rate.
While improving your credit score takes time and discipline, there are ways you can boost your credit in a timely manner. For example, you can increase your credit limit by responsibly getting another credit card. In credit, which then increases your credit capacity and score. Taking time to familiarize yourself with simple tips like these can slightly boost your score and give you a better chance of getting a good interest rate. Check out the list HERE.