Do you have dreams of owning your very own business with no supervisor or boss to worry about? But the one thing that stopping you right now is that you can't get a business loan because of poor credit.
In the current economic climate, banks are reluctant to lend out money to people who have no or poor credit.
However, there are a few tricks you can do to solve this problem.
Here are three secrets to restore your credit and launch your very own small business: 1.
Pay off all your credit cards as soon as possible.
Don't delay this and leave it to later.
After you have paid it all off, destroy all the cards except one.
The one that you keep should have a decent credit limit and low interest rate.
2.
Once you have paid off all your credit cards, close all of the accounts.
Once the credit card company hears about this, they will give you an offer at a reduced interest rate for your card.
They don't want to lose business and wants you to be a recurring and happy customer.
You can take this offer if you want reduce credit card fees.
3.
When asking for a loan, ask the loan officer what specific criteria that has to be met.
For example, they may ask you about your liquidity levels, price to earnings ratios and debt to income levels.
Once you know these things, you now know what needs to be achieved to get the loan.