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Bad Credit
Business Loan
In this day and age, more and more people are seeking the autonomy
of owning their own businesses. However, in doing so, the difficult
problem of raising capital to finance such a venture inevitably
faces every would-be entrepreneur.
The first thing that most future business owners often consider -and
it's not a bad idea, to take out a business loan -and yet you've got
bad credit.
Not to worry. In owning any business, the first characteristic that
you absolutely must embody is discipline. Without this self-control
and restraint -the two wicked, odious step-brothers of discipline, a
business -any business, will fail.
Which brings us back to having bad credit and wanting a business
loan. Getting a loan -often particularly a business loan, involves
exercising the strong, self-restraining part of everyone of us that
makes for great business tycoons the likes of Donald Trump and Bill
"Say-no-more" Gates.
What does this mean, you ask? First, before you do anything else, do
two things: 1. Talk to everyone you know or meet about your business
plans in relation to getting a business loan. Chances are, at least
one person -even if it's the homeless guy on the corner, has some
experience in having bad credit while wanting a business loan. Gain
from their words of wisdom so that you too, won't later be
panhandling for that valued quarter.
Step 2. Get a credit check. Many people don't realize that bad
credit simply dissolves away after 7 years (though now there's a
push to make it every 10 years). Fewer people -among those who do
know this first fact, realize that often, if you owe money to a
debtor, this person or company will sell this debt (yes, you read
right, your debt can be sold to another company).
If you have bad credit and want a business loan you want to know
what, if any bad credit you truly have (some of it may have already
cleared up through the passage of time). You have to write to three
-yes, that's right, three separate companies (their names and
addresses are readily available online). The reason for this is that
each company will have different information on you and so while one
of your credit reports may be spotless, a second report may reflect
a less than admirable credit payment history.
With said credit history in hand reflecting good or bad credit, and
business loan still in mind, you can begin your march towards
discipline by no longer adding to this list of non-payment or
mistaken non-payment. (If you do indeed have bad credit and still
want a business loan and have found errors on your credit report,
they should be reported immediately to the credit reporting agency
in question. A contested credit rating can no longer be reported and
so is as good as having good credit once again.)
So, to sum up, this is your target: You feel you have bad credit and
want a business loan. You will become better at handling money (ie.
Gain discipline). You will learn all that you can about credit from
those around you (and the internet, of course -as you're searching
now, is another great source). And finally, the might Credit Check.
With these three steps -despite bad credit, a business loan will be
in the bag. Good luck!
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