Page 144 - Winning The Credit Game Bundle (CK Patrick)

The Credit Game: Plays We Were Never Taught, covers how
personal credit scores are determined as well as some of the
easiest ways to build your personal credit scores up fast.
This may be an especially good idea since having good
personal and business credit may help you get the best options
in the higher tiers of business credit which you will become
eligible for four to six months from now if you follow the steps
in this book. Working on your personal credit alongside your
business credit will put you in the best possible position when
this time comes.
Just be sure you keep straight which of your credit-building
accounts are for your business and which are personal so there
isn’t any confusion at tax time!
Once you've taken the steps from Chapter 2 to obtain a stable
business foundation, you are ready to start building up a busi-
ness credit score that will make you eligible for bigger and better
loans and credit lines, as well as protect your personal finances
and help your business appeal to investors.
When determining your SBSS, FICO will look at factors
including:

The personal credit history of the business’s owners.
The business’s own credit history if it already has a
credit history.
Business financial data such as the business’s assets
and liabilities, cash flow, revenue, etc.
The amount of time a business has existed. Most new
businesses fail in their first three years, so simply
showing that you’ve been in business longer than that
may be considered evidence that you know how to
manage your business’s finances. If your business is
brand new, though, don’t worry—the other measures
we take will more than compensate for this.
Any negative marks against the business’s payment
history, such as past liens or judgments rendered
against your business for non-payment of bills.

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