Page 141 - Winning The Credit Game Bundle (CK Patrick)

CHAPTER 3
ESTABLISH (AND FIX!)

YOUR BUSINESS CREDIT

REPORTS

It’s an intimidating fact that banks turn away about 80% of all
1
businesses that come to them looking for a business loan. When
this happens, it’s usually because the bank is afraid the business
owner will not be able to make a profit and pay them back. Even
if you don’t need or plan to take out a business loan, this reflects
the harsh reality that financial professionals don’t always expect
businesses to succeed and grow.
The good news is the same measures that will give your busi-
ness a great credit score can also help your business to grow in
all aspects by ensuring a proper focus on profit and financial
growth.
If you are seeking a business loan, following the best prac-
tices for building your credit score can help put you in the top
20% of most prepared loan applicants. The same steps also place
your business among the most likely to succeed, not just because
of the availability of loans, but because following these best prac-
tices will get you to rigorously manage your business’s finances
and profit margin.
You may know that in your personal life, your credit report is
like a report card for your history of paying your bills. Having
multiple open lines of credit with a stellar history of on-time
payments will build up your credit score quickly, while any bill

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