5 Tips For Getting A Business Line Of Credit
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Transcript of 5 Tips For Getting A Business Line Of Credit
5 TIPS FORGETTING ABUSINESS LINEOF CREDIT
INSPECT YOUR CREDIT SCORE
A strong credit score will lead to moreopportunities for your business. Your
credit score will affect your business, soconsider getting a strong credit score
beforehand.
MAKE A GOOD REASON WHY
YOU NEED A LINE OF CREDIT
To get a business line of credit, you mustalso be a skilled negotiator. Evaluate thereasons why you need to increase yourline of credit, and negotiate with your
bankers so they can approve your creditlimit increase.
USE YOUR LINE OF CREDIT
OFTEN
Utilise everything at your disposal,including your line of credit that's perfect
for emergencies that require a limitincrease request. Use your line of credit
more often so the bank can earn interestincome off your account.
ALWAYS UPDATE YOUR
ACCOUNTS
Your credit should always be updated,including your accounts and financial
reports. Your latest revenue numbers willdetermine if the bank will increase your
line of credit or not.
DON'T GO OVERBOARD
There's a fine line between asking anddemanding, and requesting for too much
of an increase could backfire on you.Follow tip #2 and have a justified reason
why you should get an increase with alimit of 10% to 25%.
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