Your Credit Score
October 30th, 2018

Do you know what your credit score is?  If you don’t you should and moreover, you should keep up with it regularly. If you ever go looking for a loan from a bank your credit score is going to be one of the first things they look at.  Generally, realizing that every deal is a snowflake, if your score is in the 650 range most banks start to get uncomfortable, and it doesn’t take a score much below that to lead to a no on your loan request.  There may be certain mitigating factors which could overcome a lower than normally acceptable credit score, but not very often.

Also, some of the many online non-bank lenders that have come into the marketplace because of banks’ reluctance to make small business loans look at a borrower’s credit score.  Those that do may be more flexible, but a bad credit score is still usually a killer.  Many times in SCORE when either startups or existing small businesses are looking for help finding a loan and they are asked what their credit score is, they don’t know.  That is simply bad management. 

Somewhere out there someone probably has your Social Security number one digit off.   And also in this age of hackers stealing data from credit unions, something might appear on your credit report that had nothing to do with you and you never knew it.  You are entitled to three free credit reports, but they are not in great detail.  Order yourself a full credit report from one of the major reporting agencies.  They cost very little, and given what it could save you, it’s money well-spent.  It could mean the difference between a yes and a no.

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