Obtaining unsecured business credit to fund your business can be a simple process if you know how to properly prepare yourself to get approved. For some people, the hardest part is being patient because you do have to prepare yourself to get approved for unsecured business credit over a period of time. To start preparing to get approved for unsecured business credit, it would be wise to do the following–
- Obtain Personal Credit Cards – Obtaining personal credit cards in your name will enable you to build and establish your credit history. You will need at least 2 years of personal credit history to improve your chances of obtaining unsecured business credit to fund your business. Lenders want to see how well you manage lines of credit before approving you for unsecured business credit. The only way they can do that is if you build your credit history using personal credit cards.
- Make Timely Payments for at Least 2 Years – Your payment history is critical to getting approved for unsecured business credit. Not only will lenders look for personal credit cards on your credit report, they will also look at how often you pay on time. You should be paying on time, all of the time, even if you only pay the minimum. One late payment could jeopardize your chances of getting approved for unsecured business credit.
- Consult with an Unsecured Business Credit Expert – Consulting with an expert who understands unsecured business credit and how to obtain it will also improve your chances of getting approved. The unsecured business credit experts at LenCred know what you need to qualify for unsecured business and where to go to obtain it based on your unique situation. When choosing expert to help you, make sure they at least know these two things.