Friday, May 30, 2008

Anne Ahira | Erik Salmon

Anne Ahira News - Ahira - Corporate Credit Building Scams - Erik Salmon Article

Warning! You have probably heard a lot of different companies making claims about how they can guarantee to get your business or corporation, credit. They may say things like, "with our credit building program, we guarantee that you will get up to $20,000 or $50,000" and so on.

The key wording is "up to", because they really do not know if you will get the full amount of funding needed for your business. What they know that you do not is the lending criteria of the common business creditors. They know the most likely creditors that will say yes based off of your business credit profile and your personal credit scores.

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These can be valuable services, since they can help to decrease the time it takes to fund your business and help to find the creditors that are more likely to approve your credit application. However, what is not in the sales copy is the fact that most of the credit building relies on retail vendor credit, such as, your local office supply stores or home supply stores to build out a Dun & Bradstreet credit profile.

To obtain "real money" lines of credit, you are going to need a good personal credit score of at least 620 but preferably 680 or better. Don't worry bad credit does not stop you from building credit in your business the process may just take longer.

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