Whether you’re a business owner or an upcoming forex trader, are you aware that your credit score can have an effect on your career as well? When you have a poor personal credit score, lenders are likely to look at this and refuse to lend you money for use in business. This can seriously hamper your career and your ability to grow and make money. In this article, we’re going to take a look at some strategic ways you can improve your credit in 2018, all of which will help you in business as well.
1. Get Authorized on Someone Else’s Card
One thing that many new traders struggle with is the fact that they have no credit history at all. Having no credit can be just as bad as having poor credit as lenders are unable to know if they can trust you or not. One easy way to rectify this is to ask someone close to you to authorize you on their card. When you share liability for a credit account, you can show your maturity with credit and build your rating quickly.
2. Ask for Your Credit Report
Why look for ‘help fix my credit’ if you don’t know what’s affecting your credit score in the first place? Your best option here is to obtain a copy of your credit report and find out if there are any black marks that can be rectified. Errors can and do occur on credit reports and you can easily ask for these to be removed. If you have any late payments or non-payments on your report, you can also check the dates of these to see when they will be wiped. Everyone is entitled to a free copy of their credit report once a year.
3. Open a Secured Card and Pay It Back Monthly
People with bad credit can often struggle to be approved for normal credit cards, and if you have staff to pay or investments to fund, this can make life difficult. Another great way of building up your credit is to apply for a secured card. When you take out a secured card, you are asked to pay a deposit which will be kept should you not decide to pay your balance. This makes you a less risky proposition to lenders. However, if you use your card and pay the full amount back monthly, you should see your credit score increase.
4. Open a Store Card
Another surprising way to build your credit rating is to open a store card. Lots of department stores offer these, and they often come with special deals attached. These cards can be especially useful if you want to save money on items you would buy for your business anyway. Do keep in mind, though, that store cards do have high interest rates so you’ll want to pay them off as soon as possible to avoid making your credit rating worse.
Keep these tips in mind and start improving your credit in 2018!