Page 148 - Winning The Credit Game Bundle (CK Patrick)

4. In general, credit reporting agencies will give higher
scores to businesses that owe less than 20% or 30% of
their credit limit on each line of credit they possess.
For the fastest results, take some time to review your
credit lines and determine the fastest way to pay off
your debts so you owe less than 30% of your limit on
each business credit line you have.
5. Once you have gotten each business credit line you
have down below 30% utilization, work on getting
them all as close to zero as possible. It’s not bad to owe
a little money, but the less existing business credit debt
you have, the more flexibility you will have to pay
future unexpected costs or growth costs. Your card
companies will also be more likely to raise your credit
limit after paying in full each month.
6. Rehabilitate past-due accounts. Did you know that
you can often negotiate with creditors or submit
disputes directly through the bureaus (recommended)
to have negative marks removed from your business
credit report? Creditors will not normally advertise the
fact that they offer this, but if you ask, they are often
willing to negotiate in exchange for payment.
However, disputing with the bureaus is often a lot
quicker and easier than dealing with creditors.
7. Creditors want to get paid first and foremost. For that
reason, they might agree to update their reporting to
credit scoring agencies to remove negative marks if
you make a certain number of payments in full and on
time moving forward. This arrangement, sometimes
called “pay for delete,” which is just that. You pay the
creditor in exchange for the deletion of negative marks
from your credit score.
8. Open new credit accounts. Having a larger number of
credit lines can improve your credit score by showing
that you have existing sources of money to borrow
from to pay off any new lenders.

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