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Business Credit and Personal Credit can help you start and/or expand your business. As the jobless rate in the US is remains difficult starting your own business can help you end your dependence on a dried up market. What is the best alternative to create stability? Creating a business that meets a niche in the marketplace. Something that will catch on in an underserved market. You may ask what could that be?

Well it starts with your knowledge of what is missing in your local marketplace.Is there something that you get excited about that you been wanting to do as a business for a long time? Perhaps you are good at something and when you research the local marketplace you find no one else is doing it. Talk to your neighbors, friends, the local Chamber of Commerce. See if there is something that residents in your community need or want but no one is currently offering this good or service. That is a good start. Now you need a plan and start-up funding. But in this rigid credit starved environment where do you begin?

Due to the failings of banks, mortgage lenders and "too big to fail" corporations, lender approval decisions will weigh heavily on consumer fico scores more than ever before. The acronym FICO stands for Fair Issac and Company, which was founded in the 1950's by engineer Bill Fair and mathematician Earl Issac. It is a numerical system developed to quickly analyze a consumers credit file. In 1957, Conrad Hilton, hired the Fair Issac company to design a billing system for one of the first credit cards, Carte Blanche (thank you Conrad for that and Paris).What is a fico score?Fico is a three digit number, between 300 - 850, which gives potential lenders an idea of a consumers overallcredit history. These scores assist banks, credit card lenders, mobile phone companies, insurance companies, landlords, government agencies and employers in determining your credit score. Fico Scores- are not actually part of the credit report that is why when requesting a report complete with fico scores it will cost you. A fico credit score is based on your credit history and a calculation by the three major credit bureaus, Experian, Transunion.


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Save as much money as possible before you open a business. All too often, people go into business without any savings, exclusively using loan money from friends, banks, or the SBA. They except to be able to start paying the loans back right away with their profits. What these business owners don't realize is that it can take months or years to make a profit. Often new business owners have to take out home equity loans or use credit cards to pay off their loans .Save up as much of the needed investment money as possible, including your living expenses for the first year, or even two. Odds are that your business won't be profitable for one to two years. Even if you get plenty of business coming your way -- and your customers pay you on time, which isn't always a sure thing -- you'll want to be able to invest most of that money back in the business for space, equipment, advertising, and insurance needs.

For a One on One Coaching Session contact Kathryn@creditincrisisnow.com and visit our website www.creditincrisisnow.com.  Learn more here.

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Tags: SBA, Start-Up, business, credit, entrepreneur, entrepreneurship, fico, loan, loans, score, More…small

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