|
|
Resources |
|
Credit History What is your Credit History? This is a record of how you’ve repaid your past debts, and a clear picture of your present credit responsibilities. Credit reporting agencies or credit bureaus collect detailed information on how you sue credit and sell this information to banks, retailers or credit card companies.
The way you managed your money in the past is a good indicator of how you will manage it in the future. A clean credit record provides a lender with confidence that they can trust you and your business. On the other hand, if you have been bankrupt in the past it will be extremely difficult to find any form of lending from a bank; you may have to consider borrowing from friends, family or provide hard security. Some asset based financing institutions do not place a high value on personal credit.
Pay all debts on time, even if it is the minimum monthly payment. To establish a personal credit history you may consider applying for a department store.
Analyze the problem. It may be that you did not realize how important it was to go to the bank each month to make a payment. The problem may be more serious and you need to assess your debt level. |
|
|
CreditSunrise : Bank Proposal all right reserved. Information may not be copied without the expressed written consent of CreditSunrise.com or its affiliates. Use only as a guide only for your business plan research. Contact us for further details. Home Page Services Resources Sign in Test Drive Links Resources: Starting a small business Start up checklist Credit History Bank Application Process Bank's Lending Requirements Types of Loans |